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Cryptomarket Loses $50 Bln Due to Mt Gox Sell-Off, UPbit Raid

Fri, 05/11/2018 - 18:04
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Urvashi Verma
The cryptocurrency market plummets by more than $50 bln due to raid on South Korean crypto exchange UPbit and Mt. Gox sell-off of more than 8,000 Bitcoin
Cryptomarket Loses $50 Bln Due to Mt Gox Sell-Off, UPbit Raid
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In the past 24 hours, the cryptocurrency market has plummeted with more than $50 bln in losses as Bitcoin price declined by more than eight percent to $8,628, taking down other cryptocurrencies with it.  

Factors for the precipitous decline include the sell-off by South Korean traders after a police raid of UPbit, a South Korean exchange yesterday, and the sale of more than 8,000 Bitcoin by Mt. Gox trustee, previously planned for late September.

Allegations against UPbit include fraud and illicit movement of client funds to the accounts of the exchange’s executives, according to sources.

South Korean Financial Authorities say:

“We have secured hard disks and accounting books through confiscation. Analysis is expected to take days.”

A final report on the case is expected on Monday next week.

Despite the after-effects from the sudden sell-off by Mt. Gox and knee-jerk reaction by South Korean traders, adoption by Wall Street’s financial institutions, the New York Stock Exchange (NYSE) and Goldman Sachs, should lead markets to surge in short- to mid-term, experts say.


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About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.