The two-day raid, which resulted te the seizure of hard drives and audit records, led the circunscrito cryptocurrency market of South Korea to funk and triggered a domino effect across all major cryptocurrency exchanges spil prices fell drastically.

The cryptocurrency market has fallen by large margins after UPbit, South Korea’s thickest cryptocurrency exchange and formerly the world’s second-largest trading toneel, wasgoed raided and investigated by circunscrito police on May 11, .

Raided, but Far from Finished

Investors still expect the market to recover swiftly te the short-term spil traders budge their funds to other international and tópico exchanges.

Funk Sellers Trigger Market Losses After a Week of Decline

The entire cryptocurrency market took a dip this week, moving from around $440 billion to below $370 billion, a significant switch considering the recorded price movements on some coins shifted spil much spil 20 procent. Yesterday, the market cap of the crypto market dropped $40 billion merienda news broke that the South Korean Financial Services Commission (FSC) and the Korean Financial Intelligence Unit (KIU) had begun a two-day long raid of the UPbit exchange headquarters.

Crypto Market Plunges spil Korean Exchange Is Investigated – Total Finance Online

Just spil the cryptocurrency market wasgoed beginning to recover from last weekend’s $20 billion market cap loss, cryptocurrencies took another major succesnummer this afternoon.

Bitcoin is down more than $600 dollars from yesterday’s high of $9,396, and is presently trading at $8,734. Bitcoin Contant, now trading at $1,359, has taken the largest succesnummer at the time of writing, plunging overheen 18% ter the last 24 hours.

UPbit audit by major accounting stiff confirmed no illegal activities

Last week, South Korea’s largest cryptocurrency exchange, UPbit, wasgoed searched by the authorities.

An official police investigation into UPbit held by the Korea Financial Intelligence Unit, Financial Supervisory Service and the circunscrito police is still ter process. Among other suspicious deeds and evidences, prosecutors voorkeur that UPbit operates its order books without coetáneo storing of cryptoassets and fakes the large amounts of user funds.

Well, maybe not anymore.

UpBit is a very popular exchange webpagina. According to statistics, it is the world’s Five th exchange ter terms of daily trading volume (1). Every day, almost Two billion USD is traded on UpBit. It is also the fattest exchange te South Korea. Ter brief, it is one of the “big league” players.

Well, maybe not anymore.

Investigators said they have confiscated several of the exchange’s hard disks and accounting records .

Just spil the cryptocurrency market wasgoed beginning to recover from last weekend’s $20 billion market cap loss, cryptocurrencies took another major klapper this afternoon.

Bitcoin is down more than $600 dollars from yesterday’s high of $9,396, and is presently trading at $8,734. Bitcoin Metselspecie, now trading at $1,359, has taken the thickest succesnummer at the time of writing, plunging overheen 18% te the last 24 hours.