Upbit, the largest cryptocurrency exchange in South Korea, recently saw a flurry of activity with the popular meme-inspired cryptocurrency Shiba Inu (SHIB).

As became known thanks to data from Arkham Intelligence, the largest cryptocurrency exchange in South Korea, Upbit, recently saw a flurry of activity with the popular meme-inspired cryptocurrency Shiba Inu (SHIB).

A large-scale transfer of Shiba Inu (SHIB) tokens has been observed on Upbit, the biggest cryptocurrency exchange in South Korea, as reported by Arkham Intelligence.

Over the past 24 hours, substantial amounts of SHIB have been moved from Upbit's deposits to the exchange's hot wallet in batches ranging from 300 to 800 billion tokens. This activity has been noted despite relatively low trading volumes for SHIB on Upbit.

At present, Shiba Inu ranks 20th in terms of 24-hour trading volume on Upbit, while Bitcoin (BTC) occupies the first position.

Hot wallets are used by exchanges for immediate processing of user transactions, while deposit wallets store cryptocurrency that is set to be moved to the exchange.

Moreover, Upbit is a significant holder of SHIB, with its wallet "0x02E" accumulating 47.11 trillion SHIB, which is approximately 4.71% of the total meme coin supply.

Recently, there have been reports of Upbit and Bithumb, another major exchange in South Korea, being accused of token listing fees.

In response to these allegations, Upbit has vehemently denied any involvement in such practices and requested evidence from those making the accusations.

However, the situation is being closely monitored as any evidence of such activities could have a devastating impact on the reputation of exchanges and the entire cryptocurrency industry in the Asian country.

Earlier this month, the South Korean regulator announced plans to block the websites of crypto exchanges KuCoin, BitMEX, CoinW, Bitunix and KCEX for operating without a VASP license. VASP stands for Virtual Asset Service Provider, which is a regulated entity in Korea.