Early Reports Suggest the UpBit Investigation is a Non-Issue

Early reports suggest that the investigation into the popular South Korean exchange UpBit will end up being mostly unwarranted.

In simple terms, UpBit was raided by South Korean authorities and accused of inflating their balance sheet. However, reports are coming out that this accusation was rooted in a misunderstanding of the way UpBit stores its digital currency.

Since this is just preliminary reports as covered by South Korean media, and not an official report, I won’t go into details. However, you can read more of the story CCN.com’s UPbit Audit Confirms South Korea’s Biggest Cryptocurrency Exchange Not at Fault (see a translated version of the official story here).

The only note I would make here is that in crypto there is a tendency for people to over-emphasize bad news, in an effort to drop the market, and to over-emphasize good news to lift the market. With that in mind, it is always best to be aware early, but to wait for the official word before making decisive judgements.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when CryptocurrencyFacts.com was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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