ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

[UPDATED] Authorities Raid Leading Korean Cryptocurrency Exchange Upbit




Prosecutors in South Korea are looking into the activities of a top cryptocurrency exchange, Upbit. The platform has reportedly been the subject of fraud allegations.

UPDATED | May 14, 2018:

On Sunday, May 13, 2018, The Korea Times reported that South Korea's Financial Services Commission (FSC) is "looking into [cryptocurrency] exchanges' corporate accounts opened in local banks," according to a senior FSC official. It appears that Bithumb, based in Seoul, is one of the businesses under scrutiny.

One of the FSC representative's colleagues added, "Our latest findings show that the domestic exchange faked its balance sheets and deceived investors. The FSC is checking UPbit's computer system with prosecutors and the FSS [Financial Supervisory Service] to audit the exchange's virtual currency holdings."

ORIGINAL | May 11, 2018: 

On May 10 and 11, South Korean authorities visited the Gangnam headquarters of prominent cryptocurrency exchange Upbit, confiscating materials relating to their investigation of the firm.

Reports indicate that the trading platform is suspected of fraudulent activity over inaccurate representations that it allegedly made regarding the amount of cryptocurrency it has in its possession. As far as ETHNews was able to determine, charges had not been formally brought against the exchange or any of its personnel by press time.

A statement was posted on the exchange's website today to inform customers that "[Upbit] is currently under investigation," but that "services such as all transactions and withdrawals are operating normally" and "assets are kept securely in your account, so you can rest assured that you can use [Upbit's] services."

While the Korean government has a history of intervening in the cryptocurrency space, motivated initially by concerns around wild speculation and know-your-customer practices that it considered inadequate, several of its more recent actions have been prompted by fraud allegations.

Specifically, officials have conducted raids on three exchanges in addition to Upbit. The CEO of one of those platforms, Coinnest, was arrested on suspicion of embezzlement and fraud as a result of the inquiry into that exchange's operations.

Translations by Google.

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam holds value in Ether, Bitcoin, and Monero.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest South Korea, Upbit or other Ethereum wallets and exchanges news.