Rumors that South Korean cryptocurrency exchange UPbit came under fire last week, as the exchange’s headquarters were raided over claims that the company was involved in fraud by inflating its balance sheet. Now, following an audit performed by an outside accounting firm, investors can breathe a sigh of relief, as the audit revealed that the company has done nothing wrong.
A few days ago, I said this whole UPbit situation made no sense.
After an internal audit, it turns out UPbit was not at fault and all customer funds are accounted for. What I really want to know is who caused this FUD in the first place, and how much profit he or she made shorting the market and buying back at the bottom.