Korean cryptocurrency exchange UPbit has possessions seized
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]
