CryptoWatch: Why a raid in a South Korean crypto-exchange rattled the wider bitcoin market

Reports of a police raid on one of the largest cryptocurrency exchanges in one of the most cryptocrazy countries has rippled through the digital-currency market over the past 24 hours.

The exchange known as UPbit, South Korea’s largest crypto platform, has been accused of selling cryptocurrency it doesn’t hold, according to local news outlet Chosun. “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days,” local authorities said, according to a translated version of the Chosun report.

UPbit also confirmed the news on its website.

The report helped to send bitcoin prices BTCUSD, -5.48% tumbling to a three-week low of $8,511.70, early Friday, losing as much as 6.5%.

>>> Original Source <<<