Overnight news from South Korea likely accounts for the sudden dramatic reversal in crypto markets.
South Korea’s largest exchange UpBit is being investigated by the authorities for fraud, say media outlets in the country. UpBit has had its offices raided by the authorities and computer equipment and files have been sized. It is not known exactly what is thought to have gone down at UpBit but it certainly damages sentiment.
The prosecutor's office states: "We have secured hard disks and accounting books through confiscation. Analysis is expected to take days," according to CoinDesk.
Also, Brain Kelly on CNBC’s Fast Money Show said that 8,200 had been moved from a cold wallet under the control of the bankruptcy trustee in the Mt.Gox case. The Japanese Mt.Gox exchange which went bankrupt in 2014 , has a trustee named Nobuaki Kobayashi appointed by the court to sell the assets. He may have moved the coins in preparation for a sale. Kelly is the founder of investment company BKCM which specialises in crypto investments. He is the manager of the BKCM Digital Asset Fund.
The Mt.Gox cold wallet can be monitored at cryptoground.com
Posted from my blog with SteemPress : https://coinintelnews.com/upbit-fraud-mtgox/