South Korean Exchange Giant UPbit Deny Suspicions on Fraud

UPbit CEO states the ledgers are “100%” in line with the exchange wallets

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The South Korean crypto exchange giant in the digital currency industry, UPbit, has conducted an internal audit to discard any doubts or suspicions related to the integrity of the system, as announced in local media reports.

South Korean financial regulators went into UPbit on last Friday. The reason behind this visit is doubt and suspicion on company officials forging fake balance sheets. However, the results of the audit data are yet to be published, which according to the company shows the authenticity of the coin holdings.

Local news outlet Naver quoted the CEO of the exchange stating the UPbit ledgers are “100%” in line with the exchange wallets.

As social media commentators speculated today (Tuesday), the cause of raised suspicions could have been due to a “misunderstanding” between government authorities related multiple wallets connected to the exchange.

The investigations carried out of 11th May 2018, raised awareness on markets and coincided with Mt. Gox trustees resulting in a sell-off of a part of client liquidation funds. This led to a fall in price for a few days.

Claims by UPbit on coming through clean

The outcome of the matter is still unconfirmed and the reports by the company regarding the audit would be counterproductive given it is created without any solid proof.

On 15th May 2018, an unofficial twitter news account in Korea, the Korean Cryptocurrency & Blockchain News tweeted the news on claims by UPbit;

UPbit claimed that they had the internal account audit. The audit showed that 100% of the coins are real, the ledgers all synced to their own wallets. @cryptomanran’s claim has been confirmed that it was due to govt. misunderstanding of multiple wallets.

In reply to a commentator on the above tweet related to pointing out that it is only “UPbit’s claim”, the Korean crypto news gave the following view-point on the matter; “We will see how the story unfolds, but I find it highly unlikely that UPbit would spin a narrative of innocence if they were under investigation where proof was easily seen through blockchain transactions.”


A subsidiary of Kakao, a giant in the communications sector in South Korea, is the owner UPbit. Currently, it is the fifth largest cryptocurrency exchange in the world. According to, as of 15th May 2018, the 24-hour volume trade of cryptocurrencies in UPbit values to 686 million USD.

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