S. Korea’s Largest Exchange UPbit Runs ‘Internal Audit’, Dispels Fraud Allegations

South Korea’s largest cryptocurrency exchange UPbit said it has conducted an internal audit that disproves suspicions of fraud, local media reported Tuesday, May 15.

UPbit, which saw a sudden visit from financial regulators on Friday, May 11, on suspicion officials had faked balance sheets, has yet to publish the audit data, which it claims demonstrates its coin holdings are real.

Quoting the exchange’s CEO, local news outlet Naver now reports UPbit’s ledgers are “100%” in step with their wallets.

Claims that a “misunderstanding” between government inspectors over multiple wallets caused the suspicions also appear valid, social media commentators added Tuesday.

Friday’s original inspection caused panic on markets and coincided with Mt. Gox trustees apparently selling a further chunk of client liquidation funds, resulting in several days of price drops…

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