Crypto exchange Upbit shows over 100% user fund capitalization in audit report

Upbit, a South Korean-based cryptocurrency exchange, released today its latest audit reports showing over 100% user fund capitalization in both crypto and fiat. The ‘Digital Assets and Fiat Deposit Audit’ report, was completed by JIAN Accounting Corporation as of Jan 1st, 2021.

Audit Results

  • According to the report, Upbit securely holds 101.07% of the digital assets payable to customers.
  • According to the report, Upbit securely stores 113.94% fiat payable to customers.
  • Subject: 192 digital assets and fiat deposited by customers.
  • Period: Dec 31st, 2020 — Jan 16th, 2021.
  • Methodology:
    — Digital Assets: Digital assets balance auditing in both wallets developed internally by Dunamu Inc. and by a specialized third party.
    — Fiat Deposit: Inquiry made to the relevant financial institutions based on the deposit statement held by Dunamu Inc.

“Upbit always holds more money and digital assets than the money and digital assets for the customers. For such reason, upon the customer’s request, we are enabled to withdraw digital assets and fiat without delay.”
– The Upbit Team

Source: Upbit Asset Report 1/21

Via: https://www.cryptoninjas.net

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