The South Korean exchange Upbit has bot raided today by South Korean prosecutors overheen fraudulent activities, according to information from Bloomberg. The authorities took makeshift control of the exchange facilities and took electronic equipment for further investigation.
UPbit is one of the fattest Korean exchanges ter the entire country, and the fifth exchange of the entire world, making trades and exchanges for more than two billion dollars te cryptocurrencies just yesterday, according to Coinmarketcap figures.
Bitcoin prices sank Friday, dragging other major cryptocurrencies lower te the process, following reports that South Korean prosecutors raided the offices of Upbit, a major digital currency exchange technicus.
Bitcoin prices tumbled below the psychologically significant $9,000 to reside just below $8,600 at this writing.
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 emerges to have contributed to a broad decline ter cryptocurrency prices on Friday.
A slight ease bounce failed to salvage cryptos’ vertoning this week spil prices continued to descend. Regulations and investigations have startled investors into withdrawing their coins for the meantime, causing cryptocurrency prices to druppel. At the same time, potential buyers are still on the lookout for the right time to purchase coins at their cheapest.
South Korea ter its latest budge have called upon a team of financial regulators and prosecutors so spil to widen their investigation and to crosscheck the exchange operators ter domestic cryptocurrency. One major argument by the regulators are the corporate accounts are majorly used for money laundering.
A slight ease bounce failed to salvage cryptos’ spectacle this week spil prices continued to descend. Regulations and investigations have funked investors into withdrawing their coins for the meantime, causing cryptocurrency prices to druppel. At the same time, potential buyers are still on the lookout for the right time to purchase coins at their cheapest.
Upbit, one of the largest cryptocurrency exchanges ter the world, has awarded 1 million won ($929) to six people for reporting fraudulent cryptocurrency-related schemes.
Upbit is based ter South Korea and accepts only residents of South Korea who are above the age of Legitimate spil customers. The fact that it treats more than $300 million worth of cryptocurrency trading daily (according to coinmarketcap.com) shows how popular cryptocurrency trading is te the country.
Cristiano Ronaldo is leaving Actual Madrid for Juventus ter blockbuster $110M transfer
Bitcoin slipped 6.71% on Friday, following Thursday’s Trio.3% fall, to end the day at $8,412.6, the very first sub-$9,000 close since 27 th April.
An attempt at an early trend bucking stir back through to $9,000 levels after an initial dip, eyed Bitcoin face strong selling pressure at the 23.6% FIB Retracement Level of $8,980, leading to a mid-morning sell-off that spotted Bitcoin fall through the day’s very first major support level at $8,877.9 and 2nd major support level at $8,745 to morning low $8,510, before hitting an intraday low $8,333.8 ter the late afternoon to call on support at the day’s third major support level at $8.354.1.