A report confirming that bitcoin exchange UPbit, which is at present the biggest crypto exchange in South Korea, is storing 100 percent of its bitcoin and cryptocurrency balance sheet has sent a wave of relief over worried investors after the exchange was raided by local authorities in May.
On May 11, UPbit was raided by local authorities under the suspicion of balance sheet manipulation and overstated volumes. South Korea’s Financial Services Commission (FSC), along with the Korea Financial Intelligence Unit (KFIU), had detained hardware and documents from UPbit to assess claims from unidentified sources that the exchange was bankrupt.
During that time there were concerns about UPbit being manipulating its balance sheet and expanding its trading volumes. However, UPbit currently has the exact amount of money held by the platform’s investors and it is able to process withdrawals as per the request of their customers.
Controversy Around UPbit Cleared
The official statement of Dunamoo released on August 4 has finally proven the affluence of the company, exposing all of the incorrect charges and reports around UPbit. The report highlighted that UPbit holds 100 percent of user funds and 27 percent more than the cryptocurrency holdings of its investor, more than enough to repay every customer on the platform. Also, UPbit exchange will continue to release audit reports on a regular basis to verify its solvency.
Complications for South Korean crypto exchange Bithumb in recent months has led to UPbit overhauling it as the major exchange in the country, though UPbit may not hold the title too long, many expect the Shinhan Bank-backed exchange Gopax to soon control the South Korean market.
As per the news published on Forbes, the SEC’s ETF result, which might come after this month, could push the bitcoin price far above the near $30,000 highs it reached at the end end of last year.
The post UPbit Sent Wave Of Relief By Storing 100 Percent Cryptocurrency Balance Sheet appeared first on OWLT Market.
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