Influence of Upbit raid on the cryptocurrency market

All the cryptocurrencies te the market suffered from superb decline following the Upbit raid which took place recently. Thesis widespread declines have taken place after it wasgoed reported that South Korean authorities raided Upbit, nation’s largest digital currency exchange. Widespread losses were experienced by the entire market and all the top 25 digital currencies were te crimson at the time of writing.

The exchange is the fourth-largest ter the world, based on 24-hour trade volume.

It wasgoed a rough Friday for cryptocurrencies, with all five top cryptocurrencies te the crimson.

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EOS (EOS-USD) wasgoed the top decliner of the day, falling more than 13% to US$14.97.

The second-largest decliner wasgoed Bitcoin Contant (BCH-USD), falling almost 8% to US$1,399.27 followed by Ripple (XRP-USD), which fell more than 7% to US$0.Sixty nine.

The system would permit some sort of filtering mechanism for cryptocurrencies te all regulated exchanges, making it lighter for victims to recover their money ter case of fraud.

Today on Bitcoin This Week wij have a weekly recap of Bitcoin news. Wij discuss Upbit and the investigation into their alleged fraud, the stand Handelsbank of America has taken against Bitcoin and more.

Upbit Under Investigation By Police

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Chosum, a regional news outlet has reported that Upbit, one of South Korea’s largest exchanges, and fourth by trading volume globally (making it one of the largest exchanges te the world), is being investigated by police for alleged fraud.

Wu stated that the people mining Bitcoin (BTC) and Litecoin (LTC) had experienced a lotsbestemming of growth overheen the past year and this is also te line with the strong spectacle of the cryptocurrency market.

The price of bitcoin corrected by 12 procent ter the past week to close at $8,500 spil investors were worried about what the raid of South Korean bitcoin exchange Upbit meant for future bitcoin regulations ter the leading bitcoin economy.

On May Ten, , South Korean law enforcement agents and financial regulatory officials confiscated paper and digital records and are reportedly te the process of combing through the loterijlot to obtain evidence.

Prosecutors reportedly believe that the exchange had deceived customers by selling digital currencies that it did not hold.

Posted on May 11,

Authorities te South Korea raided the UPbit cryptocurrency exchange’s offices on Thursday and Friday, according to numerous media reports. Prosecutors reportedly believe that the exchange had deceived customers by selling digital currencies that it did not hold. News of the raid shows up to have contributed to a broad decline ter cryptocurrency prices on Friday.

Last month, prosecutors arrested the boss of Coinnest overheen alleged embezzlement and fraud.

Prosecutors have raided the offices of Upbit, South Korea’s largest cryptocurrency exchange.

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By Cho Mu-Hyun | May 11, — 11:42 GMT (04:42 PDT) | Topic: Judicial

South Korean prosecutors have raided the offices of cryptocurrency exchange Upbit.

Prosecutors have secured the rock hard’s accounts and records from its rekentuig systems ter investigation of whether the company defrauded customers by claiming it had cryptocurrency and electronic wallets that it didn’t have.

South Korean talk giant Kakao’s blockchain subsidiary, dubbed Ground X, will unveil its own toneel within the year.

Prosecutors have raided the offices of Upbit, South Korea’s largest cryptocurrency exchange.

By Cho Mu-Hyun | May 11, — 11:42 GMT (04:42 PDT) | Topic: Reglamentario

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South Korean prosecutors have raided the offices of cryptocurrency exchange Upbit.

Prosecutors have secured the rock hard’s accounts and records from its laptop systems ter investigation of whether the company defrauded customers by claiming it had cryptocurrency and electronic wallets that it didn’t have.

A software developer at another South Korean exchange told Cryptonews.com , on condition of anonymity, “I am flabbergasted.

Prosecutors te Seoul’s Gangnam district have raided the offices of Upbit, arguably the country’s fattest cryptocurrency exchange verhoging.

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Vanaf numerous reports from South Korea’s thickest news agencies, prosecution officers stormed Upbit’s offices on May Ten and 11, seizing hard drives and accounting ledgers, with police suspecting Upbit has falsified official financial records.