About Upbit’s Betrayal and Deception

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Joo-pil Jung, Publisher of Blockchain Today
(Image = Blockchain Today)

◇The prelude to the dictatorship

we remember Around the end of March, I vividly remember the moment when the coin that led the kimchi coin fire, ‘Marocin’, increased tenfold from 100 won to 1,000 won. The reason for the rise is because it is known that the coin is owned by Dunamu & Partners, a subsidiary of Dunamu.

At that time, as issues such as rumors that Dunamu would go to the Nasdaq and speculation that it would go directly to the New York Stock Exchange like Coupang spread among domestic investors, Marocoin soared even more. Before that, not many people knew what ‘Maro’ was. Since then, many domestic coin investors have paid attention to and invested in ‘Maro’. It has become like the so-called ‘Kookmin Coin’.

As time passed, Maro was able to withstand the Chinese bad news and Musk’s last words.

◇Upbit betrayed the people

On Friday, June 11th, Upbit’s pride, dictatorship and betrayal began. On the same day, Upbit suddenly posted a notice to remove the KRW market pair for 5 coins including Marocoin. The reason was ‘low internal standards for maintaining the KRW market fair’. The exchange stated that the reason for the removal of the external pair was “to protect the customer’s assets.” However, in the end, this is a proverbial saying, ‘I will live alone’, and it betrays and deceives investors who have invested in Upbit. This is the culmination of cowardice, cowardice, and ignorance. How is it different from a military dictatorship?

But what’s even worse is that the industry is not responding. Could it be ‘upbit philanthropy’? What are the many government-accredited associations doing? It’s just really frustrating.

◇Upbit, which needs an antitrust investigation by the Fair Trade Commission

As of June 18, Upbit has a daily trading volume of about 3.5 trillion won. However, before deceitful deceit, it has shown market dominance close to monopoly, which is about 8 times different than the second-largest exchange, Bithumb, with more than 5 trillion won.

According to the Monopoly Regulation and Fair Trade Act (Fair Trade Act), the monopoly itself is not regulated, but punishment is imposed if the market dominant position formed by such monopoly is abused (collusion, unfair price adjustment, etc.).

Of course, for monopolies themselves to be regulated, additional requirements are required, such as being applicable to chaebols and large corporate groups. Dunamu belongs to a large corporation because it is an affiliate of Kakao in terms of governance.

If the provisions of the Upbit Terms and Conditions are found to be unfavorable to coin companies or investors, they are invalid.

◇Let’s make a Korean game stop

In order for the family to prosper, there must be an adult with conviction, and for the country to prosper, there must be a leader with a firm philosophy for the people. However, this virtual asset market does not seem to have such an adult yet. Because there are no adults who can speak bitter and correct voices, they are seen as ‘mischievous’. Of course I understand. It is difficult and difficult to do something without clear rules yet. But even street vendors have something called Sangdo. Upbit must admit its mistakes and make a sincere apology to investors who have trusted and invested in the ‘Kakao = Upbit’ structure.

And even if the law is still incomplete, the industry must stand up for and defend its rights proudly after complying with the regulations. In particular, the association must represent the grievances of its members so that many people can trust and follow the association. It seems that the crypto ecosystem can grow healthy only if we come together around an association that can break through this situation wisely.

We expect the same power as Game Stop in Korea.

– Thinking about the Upbit deception that I believed in

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