Seoul: Upbit Charged With Fraud Allegations
The Prosecutors’ Office of the southern district of Seoul has charged three executives of Upbit with fraud allegations. The management has to account for faking its trading volume between September and December of last year reportedly by a sum as high as $226 billion. Furthermore, there are allegations that Upbit has sold 11,550 Bitcoins in rigged transactions. The management of Upbit stated that it provided liquidity to its exchange to stabilize the market. According to Upbit, the corporate account has no withdrawal function which is why the exchange does not have taken any profit out of the deal.
Study: Only 37% of addresses are economically relevant
The number of addresses in the Bitcoin (BTC) network is, of course, growing. Currently, there are roughly about 460mn addresses. However, according to a study by Chainanalysis, only 37% (172mn) of them are economically relevant. Meaning that only 37% of these hold any value. The vast majority of the empty wallets (288mn) seem to have served only one-time purposes. Chainanalysis could identify that of this 37% a majority of 86% of the wallets (147mn) belong to merchants, exchanges and other commercial services. Consequentially, only 13% (25mn) addresses with economic relevance belong to private individuals as Chainanalysis put it.
Read the study here.
Supreme Global Expands and Launches Satellite
Supreme Global Holdings (SGH) is strongly expanding. Besides its new exchange, SupremeCrypX, it is launching a satellite with its subsidiary SupremeSAT. Just like the Blockstream satellite that the Bitcoin developer company launched last year Supreme Global wants to grant people without access to the internet the ability to interact with crypto networks. The satellite will connect user to the blockchain of its Supreme Coin and possibly with its own stablecoins that the company still develops.