Cryptocurrencies are getting slammed after a raid at South Korea's largest exchange

Cryptocurrencies are getting slammed after a raid at South Korea's largest exchange

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Markets Insider

• Cryptocurrencies are falling on Friday, with the worst hit down 16%.
• Sentiment has suffered after news that South Korean prosecutors have raided the country's biggest exchange.
• Follow live cryptocurrency prices on Markets Insider.

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LONDON — Cryptocurrencies are getting slammed Friday after investors were spooked by news that South Korea's largest crypto exchange has been raided by prosecutors.

Here's the scoreboard as of 1:35 p.m. BST (8:35 a.m. ET):

• Bitcoin -4.8%
• Ethereum -6%
• XRP's Ripple -11.2%
• Bitcoin Cash -10.3%
• Litecoin -6.5%

The slump comes amid negative headlines in the crypto space. South Korean news agency Yonhap said prosecutors raided the country's biggest cryptocurrency exchange, Upbit, on Thursday and Friday on suspicion of fraud. Upbit is the largest market for cryptocurrency EOS, accounting for 13% of all trade according to FXStreet, and EOS dropped 16% on Friday in response.

Separately on Friday, graphics chipmaker Nvidia, whose chips are used in cryptocurrency mining, told investors it expects cryptocurrency-related revenues to shrink by as much as two-thirds going forward as the recent crypto boom cools.

A number of high profile investors and economists have criticized cryptocurrencies in recent weeks. Economist Nouriel Roubini called bitcoin "bulls---," Warren Buffett likened bitcoin to "rat poison," and Bill Gates has said he would like to short bitcoin.

NOW WATCH: A Nobel Prize-winning economist explains what Milton Friedman got wrong

See Also:

• MORGAN STANLEY: Here's how the rise of cryptocurrencies could change the way central banks deal with future financial crises
• Bitcoin exchanges are stepping up their game to lure high-speed traders like Virtu and Citadel
• The former tech chief at secretive trading firm Jump has joined a bitcoin exchange as raid on Wall Street talent continues in crypto

SEE ALSO: WARREN BUFFETT: Bitcoin is 'probably rat poison squared'

DON'T MISS: 'Put your money where your mouth is': Winklevoss twin challenges bitcoin hater Bill Gates

NEXT UP: NVIDIA WARNS: We are going to see a big drop in crypto revenue

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May 11, 2018 at 04:24PM