A story broke late last week indicating that upbit, South Korea’s largest cryptocurrency exchange was under government investigation for fraud. This news was a catalyst for a rather bloody weekend in the context of the recent bullrun.
UpBit claims that an audit showed that 100% of the coins in question are real, and all wallets are syncing properly.
Sources close to the situation claim that the scare was due to the government misunderstanding holdings across multiple wallets.
This information is all based on UpBit’s claims - the South Korean government has not yet confirmed their satisfaction with the audit.