South Korean Cryptocurrency Exchange Upbit passes external audit and is solvent

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Yujin Accounting Corporation has verified two trees at South Korean Cryptocurrency exchange Upbit.

In May, South Korea’s Financial Services Commission (FSC), along with the Korea Financial Intelligence Unit (KFIU), seized hardware and documents from UPbit to evaluate claims from unknown sources that the exchange was insolvent. There were claims that UPbit was manipulating its balance sheet and inflating trading volumes.

The cryptographic screening shows that Upbit has about 103% of the cipher money based on the amount of the cipher money to be paid to the customer and Up-bit is 127% of the money to be paid to the customer.

The due diligence was held at the two tree headquarters on June 28-29, 2018, and the two e-wallets developed by the two trees and the electronic wallet provided by the specialists were verified.

UPbit is able to process withdrawals for customers upon the request of its customers and the exchange will continue to release audit reports on a regular basis to prove its solvency.

Some Other South Korean Exchanges were hacked and one went bankrupt

December, 2017, South Korean crypto exchange Youbit filed for bankruptcy following a second cyber attack stole 17% of its assets. North Korean cyber spies were suspected in the attack.

In June, 2018 crypto exchange Coinrail was hacked and lost $40 million. This was almost 30% of its coins.

In June, 2018 Bithumb was hacked and had freeze on withdrawals and deposits. They have re-opened but about about 20-25% of previous volumes. Bithumb is not taking new accounts because their banking partner did not renew its contract.