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UPbit Audit did not show any irregularities in the work of the cryptocurrency exchange

HomeNews — UPbit Audit did not show any irregularities in the work of the cryptocurrency exchange


The audit of the South Korean stock exchange UPbit, conducted by one of the largest consulting companies in the country, showed no disruption in the trading platform, CCN writes.

The official investigation initiated by the Financial Supervision Service, the Financial Investigations Service and the local police continues. Last week, law enforcement officers visited UPbit’s office after they learned that the exchange could conduct operations with cryptocurrencies without having sufficient assets on its accounts.

At the same time, several sources suggested that the problem is a misunderstanding on the part of regulators, since the exchange supports trades in 130 cryptocurrencies, while wallets and the possibility of input/output are available for only 90 of them.

“The UPbit Exchange took a snapshot of the multi-signature wallets and the funds deposited on them, covering the period from the beginning of 2018, to conduct an audit. The company Yoojin, a leading provider of consulting services in Seoul, confirmed that all the means of the Upbit platform correspond to the funds on the multi-signature wallets,” writes MoneyToday.

Despite the ongoing investigation, UPbit remains a full-featured trading platform and continues to process transactions of users in the regular mode. The results of the audit of Yoojin suggest that the investigation into UPbit will end with the recognition of the fact of misinterpretation of previously received information by law enforcement officers, writes CCN.

UPbit is a multibillion-dollar company under the control of which is the largest in the country technological conglomerate Kakao. Investors claim that UPbit would not release Yoojin’s audit report and said that the exchange would not be to blame, regardless of the results of the investigation.