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Category ArchiveUpbit

Crypto Exchange Upbit’s Operator Eyes Blockchain in OTC Securities Trading

Dunamu, the operator of Upbit, is releasing a new app this month for trading unlisted securities with a plan to add in blockchain next year.

Upbit Operator Dunamu Invested $46 Million in Blockchain Startups in Last Year

South Korean firm Dunamu, operator of cryptocurrency exchange Upbit, says it invested $46 million in 26 blockchain startups over the last year.

Executives at Korean Crypto Exchange UPbit Indicted for Fraud

The executives of UPbit, one of South Korea’s largest cryptocurrency exchanges, have been formally charged by the country’s prosecutors.

According to a report from CoinDesk Korea on Friday, the Prosecutors’ Office of the southern district of Seoul has indicted three senior staff members, including founder Song Chi-Hyung, on charges of fraud.

The executives are alleged to have made fraudulent transactions between September to December of last year, using a fake corporate account to make bogus orders worth 254 trillion won (or $226.2 billion) to inflate trading volume figures and attract more customers to the exchange.

They are also accused of selling 11,550 bitcoins to several customers and made 150 billion won (or 133.8 million) through rigged transactions.

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