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. EOS and XRP are also suffering steep losses, with their prices down 17% and 16%, respectively.

Cryptocurrency Market Gegevens by

Upbit exchange suspected of fraud

The market’s current decline coincides with news that South Korea’s most vooraanstaand cryptocurrency exchange, Upbit, is under allegations of fraud. According to nave media outlets, a financial investigation team from the Prosecutors’ Office of the southern district of Seoul raided Upbit’s headquarters on May Ten, resuming their search on May 11.

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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. Other reports indicate that the company has bot transferring funds from customer accounts to a separate account possibly belonging to an Upbit executive. Investigators said they have confiscated several of the exchange’s hard disks and accounting records.

Given that Upbit is the world’s fourth largest cryptocurrency exchange by volume, the entire cryptocurrency market is feeling the influence. Ter response to news of the raid, South korean traders withdrew large amounts of cryptocurrencies from Upbit, sending the market into a downward spiral. However, trading volume seems to be climbing back up, suggesting that cryptocurrencies could make a comeback soon.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on outward analysis and wij do not warranty that any such movements or levels are likely to reoccur te the future


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2 thoughts on “Crypto Market Plunges spil Korean Exchange Is Investigated – Total Finance Online

  1. expectingtwins18

    Binance will increase te price, because they are waiting for another searing of their tokens and it is thesis deeds that will bring coins to a natural look and price, and not spil others do that billions of tokens of one project are created and te the end they are not needed by anybody, this is not serious.

  2. to its regular users, trade is so healthy that’s why I’m wondering how the team will immobilized this and how long it will take for everyone to use it spil a regular

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