The exchange is suspected of falsifying records to show up that it holds more cryptocurrency than it actually possesses while selling nonexistent cryptocurrency to customers.

Just spil the cryptocurrency market wasgoed beginning to recover from last weekend’s $20 billion market cap loss, cryptocurrencies took another major kasstuk 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 fattest klapper at the time of writing, plunging overheen 18% ter the last 24 hours.

Customers are still able to make transactions and withdrawals, according to the company who ensures that client assets are safe.

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.

Thesis interventions of oversight agencies tend to stomen the level of enthusiasm ter the market which usually devolves into funk selloffs.

Upbit, South Korea’s largest cryptocurrency exchange verhoging, is presently under investigation spil it is suspected of engaging te false financial reporting activities, deceiving investors ter the process spil the price of bitcoin violates below $9,000.

EspecĂ­fico media outlets ter South Korea also report that the exchange’s office has bot raided.

It should be an exceptionally beneficial ogenblik for cryptocurrency since the conference has traders, institutional investors, startups, and developers all meet to discuss the state of blockchain technology and where they hope to take it te the future.

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.

The irregularity being investigated is te regards to [the] liquidity punt.

The cryptocurrency market has fallen by large margins after UPbit, South Korea’s fattest cryptocurrency exchange and formerly the world’s second-largest trading toneelpodium, wasgoed raided and investigated by regional 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 particular exchanges.

1. “I don’t want to wear myself out”.

Cryptocurrency exchanges have bot under investigation ter Korea since March.

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Thesis latest te a series of arrests and seizures by Korean regulatory figures te conjunction with law enforcement are a result of a mechanism authorities waterput into play earlier this year to end anonymous trading.

The exchange’s office ter Seoul, South Korea, wasgoed raided by Ten investigators from the country’s Financial Supervisory Service (FSS) at Ten AM KST today, almacĂ©n publication Chosun reports.

Other reports indicate that the company has bot transferring funds from customer accounts to a separate account possibly belonging to an Upbit executive.

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.

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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 thickest succesnummer at the time of writing, plunging overheen 18% te the last 24 hours.