UpBit Cleared of Fraud, Says Parent Company

After a police raid over allegations of fraud and insolvency, UpBit, South Korea's leading cryptocurrency exchange demonstrated full financial competence after a final audit report.

Dunamoo, UpBit's parent company, cited a report proving the exchange has ample assets to match its balance sheets.

UpBit currently operates with a 27% surplus of funds, according to the statement "127% Deposit Against Assets to Be Paid to Customers", made August 3rd, 2018.

"UpBit currently has the exact amount of money held by the platform's investors along with additional funds, more than enough to compensate every investor."

Since the raided by South Korean police in May 2018, UpBit has faced a torrent of accusations - including claims of manipulated balance sheets and transferring customer funds to employee accounts.

I've heard that a lot of people are concerned about the Upbit raid in South Korea for potential fraud.

Promptly after the raid, the UpBit team wasted no time in hiring Yoojin, one of South Korea's largest accounting firms, to conduct a comprehensive audit of its balance sheet and cryptocurrency holdings - in the face of a pending investigation from Korea's financial watchdogs.

While police confiscated a number of the exchange's hard drives and accounting records, Yoojin was able to testify to UpBit's inculpability.

"Since early 2018, UPbit created snapshots of its multi-signature wallets and funds stored within them for auditing purposes. Yoojin accounting firm, a major accounting firm based in Seoul, confirmed that all of the funds on the UPbit platform match the cryptocurrency holdings of UPbit stored in its multi-signature wallets."

UPbit is able to process withdrawals for customers upon the request of its customers and the exchange will continue to release audit reports on a regular basis to prove its solvency.