Upbit update

Just read this relating to the Upbit alleged fraud:

"UPbit is suspected of fraud for allegedly selling cryptocurrency to customers that it does not actually hold, according to the report. "We have secured hard disks and accounting books through confiscation. Analysis is expected to take days," the Prosecutors' Office stated." 

(Source: https://www.coindesk.com/koreas-biggest-crypto-exchange-raided-over-suspected-fraud-report/)

Interesting.

If true one would think that would have worked to suppress crypto prices that they were selling fake coins of, no?

The supply would have been artificially increased.