UPbit lists Vertcoin

Korean exchange UPbit launched Vertcoin cryptocurrency trading pair on its platform
26 November 2017   490

Korean based exchange UPbit, which is designed for the expansion of currencies made an announcement of November 26 stating that the exchange listed Vertcoin, an open and decentralized currency built on blockchain technology, which is focusing on a fast decentralized mining network.

At the moment of press, these are main market parameters of Vertcoin:

  • Average price: $5.44
  • Marketcap: $226,207,449
  • 24h volume: $51,712,200

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   380

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.