The UPbit Cryptocurrency Exchange Confirmed its Solvency
The published report of the South Korean audit firm speaks of the full solvency of one of the largest crypto exchanges - UPbit. Thus, the report refutes recent rumors that the company has serious problems. In particular, investors were concerned for the reason that in May the office was visited by the state authorities.
Certain individuals gave a relatively skeptical assessment of the work of cryptocurrency companies in South Korea, long before this incident.
''Before the clampdown, South Korea was something of a ground zero for the global crypto-mania. Volume on local exchanges soared at the end of last year, with Bitcoin and other tokens fetching large premiums in the country relative to international markets. The boom alarmed officials including Prime Minister Lee Nak-yon, who said that cryptocurrencies might corrupt the nation’s youth."
Most likely, actions with respect to the UPbit crypto exchange are explained by fears of skeptics. Against the backdrop of such news, in May the bitcoin rate fell below $9 thousand, while other digital assets lost up to 15% of their value.
South Korean company Dunamoo, acting as the main operator of UPbit's crypto exchange, published the results of the work of the audit company Yoojin, in order to dispel the doubts remaining with the investors.
Representatives of the company Dunamoo stated the following:
"UPbit currently has the exact amount of money held by the platform’s investors along with additional funds, more than enough to compensate every investor. Hence, 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."