3 Months Since Korea’s Biggest Cryptocurrency Exchange Raid, What Happened?

[Zurcemozz]

Did the Investigation Find Nothing?
Earlier this year, UPbit was raided by local financial authorities under the suspicion of manipulating and inflating its balance sheet. The Korea Financial Intelligence Unit (KFIU) confiscated the company’s hard drives, servers, and computers to evaluate their existing financial data.

According to local reports, the investigation was initiated by the government after several insiders in the industry accused UPbit of running opaque operations and inflating its cryptocurrency holdings.

Three months after the raid, the KFIU and local police have not been able to prosecute or even challenge UPbit in court, primarily due to the decision of the government to punish government agencies that aggressively initiate investigations that cannot be backed by clear evidence and findings.

As such, the local police and financial authorities were heavily criticized by investors and companies in the cryptocurrency sector. The outrage of cryptocurrency investors intensified as UPbit publicly disclosed the audit results of its holdings conducted and published by Yoojin, a recognized auditor in South Korea.

Source Link : https://www.ccn.com/3-months-since-koreas-biggest-cryptocurrency-exchange-raid-what-happened/

[btyco]

This doesn't surprise me, the data is too complicated to analyse even for pro traders. What the police expected to find is a mystery. An email saying 'quick pump the market so we can manipulate the prices'