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UpBit Under Investigation, Crypto (BTC, ETH, XRP, BCH) Market Dips

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crypto

The crypto market is in the RED. Completely Red! ladies and gentlemen. The total market capitalization of the entire crypto verse has dropped from $440 Billion to current levels of $389 Billion at the moment of writing this. This is within a time frame that is less than 24 hours. The loss is a huge 11.6% decrease in market capitalization in such a short time period. The big coins of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and EOS (EOS) have not been spared.

BTC is down 8.33% and trading at levels of $8,578. Ethereum is also under $700 and trading at $682 after a decline of 10.63% in the last 24 hours. XRP is at $0.68 and down 15.15%. Bitcoin Cash is down 16.42% and trading at $1,384. EOS is down 17.7% and trading at $15.14. Litecoin has also not been spared with an 11.33% drop and trading at $139. Basically, most coins and tokens are bleeding between the ranges of 7% and 25%: with the latter being the case for Bitcoin Diamond (BCD).

So what exactly is going on?

News reaching GlobalCoinReport.com indicate that popular South Korean exchange, Upbit, has been raided by Officials over suspicions of orchestrating fraud.

In the report, investigators from the S. Korean Prosecution office of the Southern District of Seoul searched Upbit’s head office due to accusations of selling cryptocurrency to customers that it does not actually hold. The authorities have confiscated books and hard disks for further auditing that is expected to take days. This has, in turn, caused traders using the popular exchange, to withdraw their funds en masse in fear of their funds being locked up or not actually existing on the platform.

Looking at Upbit’s current daily trading volume on coinmarketcap.com, the exchange is doing $2.157 Billion in trade at the moment of writing this. The question now lies as to whether these are actual figures or doctored numbers by the team at Upbit. Only the auditors via the South Korean regulators will be able to answer this for us.

The prosecutors were quoted as saying the following with respect to the investigation:

“After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further.”

The South Korean regulators have been carrying out investigations on exchanges in the country since March. This was after the Cyrpo-verse was bombarded by news of Chinese banning crypto trading and the South Korean regulators planning on doing the same during the same time period. It has truly been a tumultuous time with many Crypto traders hoping for a bounce in the markets once this issue at Upbit is cleared up in a timely manner.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Marco Verch via Flickr

Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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GDA Capital in Conversation About the Future of Digital Assets at Global Family Office Summit

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GDA Capital organized the quarterly Global Family Office Summit this week. The event was held virtually with a number of technology leaders and high net worth investors who discussed issues such as education, trust and responsibility to give back. Among these were insightful conversations with Dubai-based Dalma Capital’s CEO Zachari Cefaratti, Holt Fintech Accelerator founder Brendan Hold Dunn, Global Data Sentinel CEO and White City Ventures Chairman of the Board Shahal Khan, and Elitium CEO Raoul Milhado, among others. Participants were also given access to off-market opportunities to invest in novel technologies.

Will Bartlett, GDA Capital’s Director of Research, headlined the event by focusing on tech in the modern economy, and identifying six sectors where new technologies can make a lasting impact: robotics, space, biotech, machine learning, quantum computing, and blockchain. In the context of blockchain, he discussed how digital assets are a hedge against traditional financial markets. “Cryptocurrencies have no exposure to stock market returns, macroeconomic factors, or returns of currencies and commodities,” Bartlett said.

More so, Bartlett believes that new models for digital assets such as DigitalBits’ branded stablecoins are key to the development of the field. These currencies replace traditional rewards and loyalty point systems that are commonly used by household brands by porting them to the blockchain. Meanwhile, they rely on brand…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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