Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided

Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided

Before the clampdown, South Korea was something of a ground zero for the global crypto-mania. The actions occurred as crypto enthusiasts around the world are wrestling with regulatory concerns and as more mainstream financial institutions are beginning to enter the space.

While the authorities have not yet pressed charges or released a full report of the investigation, it appears that Upbit users are withdrawing their funds from the exchange desk en masse, according to market data. According to the report, Upbit allegedly listed cryptocurrencies that it did not have in its balance sheets.

We have secured hard disks and accounting books through confiscation. Back in March, Cointelegraph reported that the Korean Financial Intelligence Unit (KoFIU) and the FSC were launching a joint investigation into the corporate accounts of certain Korean banks in an attempt to minimize and potentially eliminate money-laundering schemes.

Prosecutors in South Korea are looking into the activities of a top cryptocurrency exchange, Upbit. It said that services such as transactions and withdrawals had not been affected and client assets were safe. "Your assets are kept securely in your account, so you can rest assured that you can use UPbit services". The largest cryptocurrency on the market, Bitcoin, dropped to a three week high of $8,520 earlier in the session, while the cryptocurrency market's value fell to as low as $379.8 billion, losing almost $60 billion of its value in less than 24 hours. Meanwhile, price drops by percentage are increasingly for digital currencies with smaller market caps. In April, another 12 cryptocurrencies exchanges were enforced to enhance the level of customer protection.

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This has, however, meant greater scrutiny of cryptocurrency businesses in the country. CoinNest's CEO and co-founder Kim Ik-hwan was among those arrested and charged. Volume on local exchanges soared at the end of past year, with Bitcoin and other tokens fetching large premiums in the country relative to global markets.

Nevertheless, UPbit is not the first crypto exchange that has been raided by the local authorities this spring.

The biggest cryptocurrency exchange in South Korea, UpBit, is being investigated by local police and other investigators. Finally the third down trend came with the announcement of the raid on the South Korean exchange.

Disclaimer: Our writers' opinions are exclusively their own and do not reflect the opinion of CryptoSlate. Please do your own due diligence before making any investment decisions.

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