Allegations Rock Upbit Over Alleged $10M Listing Fees

• Upbit and Bithumb face allegations of charging projects between $2M to $10M for token listings.
• Some projects claim to have paid 3% to 5% of their token supply for listings.
• Upbit denies all accusations and threatens legal action, demanding evidence from accusers.

South Korea’s top crypto exchanges Upbit and Bithumb are in troubled waters over charging hefty fees for token listing. In the explosive Wu Blockchain report, several crypto projects have paid fees to the tune of $2 million and $10 million. Those crypto projects have also alleged links with Upbit’s shareholders and market makers, thus raising concerns of insider manipulation.

Other projects claimed to have pay an intermediary fee of 3% to 5% of the total token amount, rather the cash, and have successfully listed tokens on the exchange. A detailed investigation, however, revealed that not all projects paid these fees. Wu Blockchain contacted a total of seven projects, of which three confirmed they didn’t pay any such intermediary fees.

This hints that the listing process is not same or as transparent as previously thought. The developemenst has sparked debate across the crypto community. Following the public revelation, Upbit released an official statement, refuting the charges.

But what followed next raised eyebrows, Upbit not only denied the allegations, they even demanded proof from the accusers. The exchange, stated, that it remains committed to taking legal action to ensure transparency in the digital asset market. Bithumb, on the other hand, is yet to respond to the allegations.

Allegations Rock Upbit Over Alleged $10M Listing Fees 3

Inside Upbit and Bithumb’s Battle for Crypto Supremacy

The situation is still unfolding, and market observers warns thar if proven true, it could severely affect the credibility of the exchanges and the country’s entire crypto industry. Others chose to advocate a pragmatic approach saying that someone could be using the exchange’s name to promote their business.

Both Upbit and Bithumb are vying for market domination. Recent reports indicate how Bithumb is rapidly expanding, buying prime Gangnam real estate to rival Upbit, securing stable assets amid crypto volatility and growing market competition.

Interestingly, both the trading platfoms, was raided back in 2023, after a South Korean lawmaker used the exchanges to hold roughly $4.5 million worth of wemix coins.