Crypto exchange Upbit Friday disclosed its second-quarter due diligence report saying that it retains more coins and cash than its customer deposits. The due diligence, carried out by Eugene Accounting Corporation, is based on the survey of 222 kinds of coins and savings under the company’s name as of 3 a.m. April 1.

The due diligence found that Upbit has cryptocurrencies worth about 102.49% on the basis of cryptocurrencies to be paid to customers. The percentage was calculated based on the won conversion rate within the crypto exchange.

Specifically, Upbit is found to have money amounting to 150.66% of money to be paid to customers. Upbit claimed that its cryptocurrencies and savings decreased from the first quarter but that its total savings exceeded deposits entrusted by all its customers.

The cryptocurrency due diligence was conducted in such a way as to give authenticity to electronic wallets developed by Dunamu and those offered by professional companies. Savings were confirmed on the basis of specifications held by Dunamu.

“Upbit can pay at any time when customers want because it holds more cryptocurrencies and savings than what must be paid to customers,” said a Dunamu official, adding that Upbit will turn over a new leaf as a transparent and reliable crypto exchange through regular due diligence. /yjk@decenter.kr

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