While cryptocurrencies have seen severe selling pressure this week amid a series of negative comments from high profile investors, news that South Korean prosecutors raided the country’s fattest cryptocurrency exchange, Upbit, on Thursday and Friday seemed to derail any possibility of a recovery.

Investing.com | May 12, 00:59

Investing.com – Cryptocurrencies tumbled across the houtvezelplaat on Friday adding strenuously to a major weekly decline after news that South Korean officials raided the country&rsquo,s largest crypto exchange.

Bitcoin sank 7.90% ter the last 24 hours to reach $8,602.20 on the Bitfinex exchange by Ten:46AM ET (14:46GMT), the largest crypto by market capitalization has lost 12.7% so far this week after an attack at the $Ten,000 level last Saturday petered out at $9,990.

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The US hacienda markets had a strong week, with each of the major indicies (S&P 500, Nasdaq and Dow) each up around Two.5%. The Nasdaq is now up overheen 7% YTD, while the Dow has lagged at up 0.5%.

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Ter normal, commodities were mostly vapid, but Oil wasgoed up another 1.2% for the week, putting the build up for the year overheen 17%.

Anonymous sources told Neuner that the investigation exposed a liquidity kwestie inbetween exchanges te the locorregional market, which ultimately led the authorities to believe UPbit initiated an unauthorized reallocation of client funds.

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

Raided, but Far from Finished

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

What is now known is that regional mainstream media outlets have reported that a snaak activity inbetween the Korean Financial Intelligence Unit (KIU), the Financial Services Commission, and Seoul Police, has resulted ter the raid of Upbit’s offices.

The cryptocurrency market turned upside down on Friday, having lost about $50 billion market capitalization overnight.

With the exception of only Augur, Nuls, and Tether, the entire list of top 100 digital currencies are on the crimson. The dreadful sentiment seems to be a reaction to reports that South Korea’s exchange Upbit is suspected of fraud.

UPbit services such spil all transactions and withdrawals are operating normally.

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

Related movie:


Raided, but Far from Finished

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

Bithumb Scandal The UPbit case recently regained its zoeklicht spil several sources reported that its main competitor Bithumb reported UPbit to the South Korean police and accused the exchange of fraud.

UPbit and Bithumb, two of the thickest cryptocurrency exchanges ter South Korea and the total cryptocurrency market, have faced backlash and criticism from the nave cryptocurrency market for the scandalous behavior since early May .

UPbit Investigation Found No Irregularities

On May 13, , BTCManager reported that the official investigation by the South Korean police, Korea Financial Intelligence Unit (KoFIU), and Financial Services Commission ( FSC ) into UPbit led the mundial cryptocurrency market to bear a correction, causing a domino effect across all major cryptocurrency exchanges.