UPbit, South Korea’s biggest cryptocurrency exchange, was investigated by local police and 10 investigators after its headquarters in Seoul were raided. Chosun, the country’s biggest mainstream media outlet, reported that the South Korean authorities are suspecting UPbit of illicitly moving customer funds to the account of its executives. On May 10, the Seoul local police and 10 investigators from the Korean Financial Intelligence Unit (KIU) and Korean Financial Services Commission (FSC) raided the headquarters of UPbit and seized their offices to conduct an official investigation into the suspicious movement of funds from the UPbit cryptocurrency exchange to the personal accounts of UPbit executives. Chosun along with other mainstream news networks including Hani reported that the South Korean police is extensively investigating allegations of fraud and the illicit movement of funds from client wallets. The general reaction from the cryptocurrency community in South Korea and the global cryptocurrency space has been that UPBit executives should not have had the motivation to commit such crimes given that cryptocurrency exchanges have generated hundreds of millions of dollars in profits on a quarterly basis since early 2017.