An independent accounting audit has found South Korea’s biggest cryptocurrency exchange Upbit DID NOT fraudulently inflate its balance sheet to deceive investors. Last week, police raided Upbit’s head office in Seoul after the exchange was suspected of processing listed cryptocurrencies it didn’t have the funds for. The police raid has played a significant role in the fall of crypto markets in general last week. Upbit has continued to operate as normal sin then and if the audit proves accurate, it’s likely the goverment investigation will be classified as a liquidity issue and the case will be closed.
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