Bitcoin PLUMMETS as police raid major cryptocurrency exchanges
 

The South Korean government is serious about stopping out Bitcoin

Bitcoin PLUMMETS as police raid major cryptocurrency exchanges

BITCOIN has plummeted 14 per cent in value after South Korean police raided major cryptocurrency exchanges

The crackdown on Seoul-based operators of some of the world?s busiest virtual currency exchanges comes as the government attempts to calm frenzied demand for cryptocurrency trading in Asia?s fourth-largest economy.

Justice Minister Park Sang-ki said in a press conference: "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.?

The Government said in December it would apply more scrutiny to the exchanges, including attempts to stop anonymous trading.

Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.

An official at Bithumb said, requesting anonymity, said: ?We were asked by the tax officials to disclose paperwork and things yesterday.?

Authorities raid South Korea's largest cryptocurrency exchanges | CNBC

Police and tax agencies raided South Korea's largest cryptocurrency exchanges this week for alleged tax evasion

South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts

The crackdown comes as the South Korean government attempts to calm frenzied demand for cryptocurrency trading

South Korea's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation said on Thursday.

"A few officials from the National Tax Service raided our office this week," an official at Coinone, a major cryptocurrency exchange in South Korea, told Reuters.

"Local police also have been investigating our company since last year, they think what we do is gambling," said the official, who spoke on condition of anonymity. He said Coinone was cooperating with the investigation.

Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.

"We were asked by the tax officials to disclose paperwork and things yesterday," an official at Bithumb said, requesting anonymity due to the sensitivity of the issue.

South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

The crackdown on Seoul-based operators of some of the world's busiest virtual currency exchanges comes as the government attempts to calm frenzied demand for cryptocurrency trading in Asia's fourth largest economy.

Bitcoin's 1,500 percent surge last year has stoked huge demand for cryptocurency in South Korea, drawing college students to housewives and sparking concerns about a gambling addiction.

All the cryptocurrency freaks on here are pretty silent on this huge development that says a lot

they are too busy trying to save their unrealized profits ! :Oh crap

Not sure when that shit will get regulated.

The math is poor in this one. Lolz

:1orglaugh:1orglaugh

Do some research and you?ll realize this is mostly just the media spreading fear, uncertainty and doubt (and of course driving clicks to their sites). Nothing more.

Didn't plummet.

http://www.livecamnetwork.com/gfypics/b11.png

It's a bit of a stretch to say it plummeted.

Maybe we have different definitions for the word "plummet".

('Plummet' means anal sex in Belgium.)

Crazy day for Bitcoin folks wow

I cashed out in ether at $1300 I'll likely sit it out for awhile. It's pretty obvious there's more going on than just these raids.. As in someone's raiding the market as a whole.

nobody can stop Bitcoin, its too late

You think it's a bubble?

Was hoping for a drop to buy more BTC, didn't happen.

It's just an uncontrolled crowd movement that will have harmful consequences... :(

What's going on on the exchanges seems very coordinated and controlled to me. Shit that should be up is down, shit that should be down is up.. People are running for green and then getting hammered with massive dumps. It intentional.. It's meant to hurt the market..

During the dump of bitcoin if you looked down the list of coins in ether the only things in the green were like 3 or 4 coins that I've never even heard of and they were up 50-100%.. So newbies trying to pick themselves up would jump on that bandwagon only to get dumped on an hour later. Getting double whammied.

I agree :thumbsup

It has happened since the news broke on the weekend for most of the planet.

I am stunned it went as long as it did, there is no accountability

if only there had been a clue that dodgecoins 2 billion market cap was a bubble :1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh :1orglaugh:1orglaugh

For the life of me, I cannot figure out if the South are the bad guys or is it the North?

I should have added "Yet" to my last post...

Wpw did BTC take a beating. Litecoin and Ethereum did the same. It kinda sorta looks like its starting to level out, but who knows it might keep crashing.

Occupy Coin!

Zoom out.. notice a trendline? Zoom more out, notice a cycle?

If not. Sell everything and never ever mange your own investments again :)

If yes, there is your answer.