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Bitcoin sinks 5%

South Korean prosecutors raided the offices of Upbit today, one of the world’s largest cryptocurrency exchanges.

Bitcoin started the day at $9100 and has fallen to $8604 in successive waves of selling in a 5.4% decline.

Until today, Bitcoin had been generally flat this week but broader digital assets had been under pressure. Ripple is down 25% since May 5.

According to CoinMarketCap.com, the broader cryptocurrency market value has fallen nearly $100 billion in the past week to $380 billion.

Upbit was raided for suspected fraud in a joint action between the Korean Financial Intelligence Unit, Financial Services Commission and Seoul Police. The allegation is that it falsely reported the amount of funds that it holds.

It’s the largest exchange in South Korea by trading volume.

It’s also suspected of fraud for allegedly selling cryptocurrency to customers
that it does not actually hold, according to the report. “We have
secured hard disks and accounting books through confiscation. Analysis
is expected to take days,” the Prosecutors’ Office said.

As for the selling, there is also talk of a sale of 8200 Bitcoin from the Mt. Gox wallet.

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