UPbit was in the news today for allegedly transferring customers' funds to executive accounts. Well, it might just be that this information is false and, in reality, just pure FUD.
The article on UPbit getting raided was written early in the morning when it was still "fresh" and steemy (see what I did there). There was no in-depth information about the situation, only some take-outs from here and there (CoinDesk and some other sources).
CoinDesk appears to have a branch in Korea which provides them with the latest news from the spot but what happened? Was it a "Broken Phone" effect or just a simple misunderstanding in translation? CoinDesk made the situation look rather grave and like a kick to the balls for the cryptocurrency market.
And here comes a guy who saves the day - Ran NeuNer, a twitter tweety guy.
He says that UPbit being accused of stealing crypto assets from their customers is just a big FUD. Why? Because the western market doesn't get good and reliable data from Korean news outlets.
True, we might be lacking in the translation department for Korean to English translations.
But then, why CoinDesk Korea didn't provide the "right" news?
It's correct - UPbit is being investigated, but not for stealing funds, instead, it's being looked at for liquidity issues. It involves sharing/pooling liquidity with other exchanges.
But in the end, no one really knows what is happening except the people who are in the place.
You can read the updated version of the article on Tokenlion
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Tags: #cryptocurrency #news #bitcoin #ethereum #blockchain #cryptocurrencynews
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