Korean cryptocurrency exchange UPbit has possessions seized

HTC EVO 4G LTE coin shot
Paul should really get a logo for cryptocurrency but doesn’t have one handy at the moment

South Korean law enforcement seized hard drives and account ledgers in an attempt to prove that the cryptocurrency exchange service UPbit was participating in ‘ledger trading’ by forging data processing records without cryptocurrency to back it up.

UPbit traded over 100 kinds of cryptocurrency, but suspicions arose when UPbit was using Bittrex for supplies of cryptocurrency instead of their own supplies.

What this might mean is some people don’t have the money they think they do, alternately South Korean law enforcement might not find any malfeasance. I’d suspect if they felt like going down and seizing assets that probably there’s enough on them already they’re looking for a nail for that coffin.

So that thing some people trust can’t be forged or hacked may have been part of a very old creative accounting game played by newcomer UPbit.

[etnews]
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Paul E King

Paul King started with GoodAndEVO in 2011, which merged with Pocketables, and as of 2018 he's evidently the owner. He lives in Nashville, works at a film production company, is married with two kids. Facebook | Twitter | Donate | More posts by Paul | Subscribe to Paul's posts