South Korea’s Prosecutors Accuse Upbit Exchange of $226M Fraud by a Corporate Account South Korea’s prosecutors have accused Upbit, one of the largest crypto markets in the country and worldwide, of defrauding clients with 254 trillion won ($226 million) through a corporate trading account last year, Yonhap news agency reported on Friday. Upbit denied any illegal activities and defended the creation of the company account as part of its effort to make the exchange liquid in the first months after the platform’s launch.
Seoul Southern (NYSE:) District Prosecutor’s Office’s indicted personally three members of Upbit’s staff – the chairman’s board, the firm’s financial director, and a working-level official. The three persons opened and managed the account by which the company conducted bogus transactions and sold 11,500 Bitcoins to 26,000 clients. The practice was put in place from October 24, the exchange launching date, until December…
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