Upbit does not seem to be caring a lot about the cryptocurrency bear market, because the company is set to be the protagonist of a big expansion. The largest exchange in South Korea is now aiming to reach the same status in the Indonesian market now, as the company is planning a launch in the country.
According to CoinMarketCap.Upbit was started in 2017, at the time when cryptocurrency was beginning to increase into the normal for the first time, but the business previously has quite a history in the market. Its average trading volume is $84,768,693 USD every day and it is now the 34th main exchange in the world.
As per the CEO, the company is the largest cryptocurrency exchange in South Korea and one of the most secure ones. After its start, the corporation holds one of the uppermost volumes in trading in the country.
Reacting to the company’s fraudulent actions, an FSC official said:
I’m worried about investors who may lose money in this market because of exchanges like Upbit. We need a way to make the market and the industry fair and transparent.
Recently, the monetary Services Commission (FSC) supposed that the managers that concerned the chairman of the board of administrators, Song, among October and December 2017 achieved to hold out pretend transactions value 254 trillion won ($226 billion) to expand the corporation’s mercantilism volume.
The South Korean monetary regulative body additionally suspected the corporate of employing a larva system. Upbit used the larva program to boost the value of underperforming virtual currencies lawlessly. The FSA later on according to the bear on the Prosecutor’s workplace within the southern district of Seoul, World Health Organization defendant the managers while not custody.
In 2017, the yearly profit report of Bithumb formally according its profits to be at $400 million. This year has been a large downfall for the platform because the profits have taken successfully of regarding $359 million.
While the bear continues to point out up within the cryptocurrency market, Bithumb has its own reasons for the solid decline in profits. Regarding 2 months agony, the second-largest South Korean cryptocurrency mercantilism platform was hacked and endured a loss of regarding $17 million in Bitcoin, Bitcoin money, Ripple, Ethereum, among alternative cryptocurrencies. This place a halt on the operations of Bithumb for a month.
The case of Upbit is entirely in distinction with Bithumb. The previous has been accounted with internet company holdings value $1.2 billion, out of that, $100 million was adscititious in only a time span of 2 months a Redditor says:
“Don’t trust exchanges to hold anything more than what you’re actively trading with. And then, only one exchange, and make sure it’s not a spaghetti-coded fly-by-night shitfest of an exchange. It’s not hard to ID the legit ones (hint, most of your favorite moonshots aren’t listed there, and probably for good reason), so if you have to pick up micro-cap coins from shady exchanges just make sure they’re in your own wallet ASAP.”
Zoltan Balogh, a Twitterati says:
“I doubt any authority could draw a conclusion in a few hours. They usually take time to analyze and decide. Good luck with your shopping. Be sure to have fiat to buy the dip all the way down.”