Quote from: Carlsen on May 11, 2018, 01:07:13 PM

The news say that the largest exchange in South Korea (UPbit) has been searched by authorities.
UPbit allegedly sold coins they did not have and that would be fraud.
Bad news about major exchanges always drag the brice down. But experience from the last years has shown that this dips usually do not last very long.

If I understand the UPBit news correctly, they haven´t sold coins they
didn´t have. Instead an executive embezzled customer funds and transferred
them to an account in his own name. Therefore this doesn´t look like fraud by the company
UPBit to me and instead more like an executive that has gone rogue.

Anyway, I don´t think this news is responsible for any price action. No one
really cares about accusations of embezzlement against a Korean cryptocurrency
exchange (except the people directly involved). Besides, it was rather stupid from
the executive, because of the stricter regulations regarding Korean exchanges that
have been in place since a few months. It was obvious that the perpetrators won´t
get away with a scheme like this.