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Upbit has faked its balance sheets – or has not.

The fourth largest crypto exchange from South Korea Upbit is being investigated by police: it is accused of having faked its balance sheets and deceiving investors. This morning South Korea’s Financial Supervisory Commission (FSC) sent 10 investigators to the exchange’s head offices in Seoul to audit its virtual currency holdings. 

This spring multiple crypto exchanges had attracted the attention of South Korean authorities that announced citing anti-money laundering and investigating into exchanges’ corporate bank accounts.