UPbit Audit: South Korea’s Exchange is not a Scammer

Upbit did not swindle its balance sheet and deceive investors: results of an audit of the cryptocurrency holdings has been revealed 
15 May 2018   2117

An official police checking into UPbit, the country’s largest cryptocurrency exchange, by the Financial Supervisory Service (FSS), Korea Financial Intelligence Unit (KIU) and local police is going on. Last week, the South Korean police entered the UPbit headquarters to study the practices of the exchange after receiving tips that the company has been operating cryptocurrency deals without actually holding user funds. The local police charged UPbit on processing its order books without keeping cryptocurrencies and feigned that it had large amounts of user funds in Bitcoin, Ethereum, and other cryptocurrencies.

Nevertheless some insider springs have contended that the investigation connected with a problem of liquidity as UPbit only processed wallets of around 90 cryptocurrencies even though the exchange has 130 cryptocurrencies added on the platform.

Users of the 30 cryptos on UPbit that are yet see independent wallets integrated by the exchange, cannot invest or withdraw the tokens directly from UPbit and have to exchange the assets to other cryptocurrencies like Bitcoin and Ethereum before withdrawing. The lack of wallet support for dozens of cryptocurrencies caused the investigation and the government accusing UPbit of inflating its balance sheet.

Inspite the ongoing investigation, UPbit has been completely operational and continued to process trades for its users. Focused on the audit report of Yoojin, it is highly likely that the government investigation into UPbit will be finished with a simple issue in liquidity and if the report of Yoojin is accurate, UPbit will not endure from any consequence from the recent case as it occured from a simple misunderstanding of UPbit’s wallet structure.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   317

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.