One of South Korea’s leading exchanges, UPbit, is fully solvent, with reserves ratio standing at 103% and cash ration – at 127%, according to a report conducted by Yujin Accounting Corporation, one of the country’s leading accounting firms, UPbit announced earlier in August.
The audit was ordered by UPbit to prove its credibility after in May local authorities broke into the company’s offices and seized servers. The raid – one of several for UPbit - came amid various suspicions, from balance sheet to price manipulation.
UPbit is owned and operated by Dunamoo, a subsidiary of South Korea’s leading internet conglomerate Kakao, which has multiple other ventures.
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