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​South Korea's biggest crypto exchange raided by authorities

Prosecutors have raided the offices of Upbit, South Korea's largest cryptocurrency exchange.
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Written by Cho Mu-Hyun, Contributor on

South Korean prosecutors have raided the offices of cryptocurrency exchange Upbit.

Prosecutors have secured the firm's accounts and records from its computer systems in investigation of whether the company defrauded customers by claiming it had cryptocurrency and electronic wallets that it didn't have.

In a statement posted on its homepage, Upbit confirmed it was being investigated by prosecutors and was cooperating with authorities. The exchange stressed that all customer services were available and their accounts safe.

Kakao, South Korea's largest chat app firm, is estimated to own over 20 percent in shares of Dunamu.

The cryptocurrency firm named Lee Sir-goo as its CEO last year in December. Lee was one of the original members of Kakao when it launched its services in 2011 and was at one time its co-CEO.

Upbit launched last October. By December, it said it had 1.2 million subscribers, 1 million average daily users, and average daily transactions of 5 trillion won (around $4.8 billion).

This is the most high-profile raid on a cryptocurrency exchange to date in the country, but not the first. Last month, prosecutors arrested the boss of Coinnest over alleged embezzlement and fraud.

The government earlier this year out a total ban on cryptocurrency after the market heated up, but vowed for more transparency in dealing.

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