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 Specie, now trading at $1,359, has taken the fattest 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.
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 tópico 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.
The exchange is suspected of falsifying records to emerge 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. Te 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.
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on outer analysis and wij do not warranty that any such movements or levels are likely to reoccur ter the future
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