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Internal Audit Process Of UPbit Crypto Exchange Sees No Manipulation Or Falsification

Published: 16/05/2018

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What is it for?

As reported by local media, UPbit, the South Korean crypto exchange, successfully passed the internal audit process which was aimed at detecting violations related to falsifications among the management or fraudulent transactions with clients' funds.


The audit results confirmed that all crypto funds of users are stored in UPbit’s wallets as initially had been stated by the exchange. The suspicions of government regulators were based on the fact that the platform used several wallets at the same time.


On May 10, the head office was searched by the employees of the Supreme Prosecutors' Office of the Republic of Korea. Law enforcers were interested in information that was stored on the employees personal computers. They seized the hard drives with the personal data of the exchange customers.


According to Joseph Young, the digital asset analyst and journalist, the positive outcome of the situation with the UPbit exchange along with the events of the blockchain week of NYC should contribute to positive trends on the cryptocurrency market.


As previously reported, an opinion that the crypto exchange OKEx works illegally in China was expressed on the Chinese national radio (CNR).

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UPbit South Korea
  1. Hero Leo:
    05/17/18 at 13:30

    That's nice but never forget that company can get a bribe for saying this!