2018.05.1201:15:00UTC+00 Major Cryptocurrencies Plunge as Authorities Raid Biggest Korean Exchange

Major digital currencies tanked on Friday after reports prosecutors raided UpBit, the biggest cryptocurrency bourse in South Korea.

Reuters reported on Friday that South Korean prosecutors raided UpBit on allegations of fraud, citing the country's news agency Yonhap. On its website, UpBit said it is currently under investigation by prosecution and that they are cooperating with the authorities. It assured clients that all transactions ad withdrawals are operating normally and that all assets are secured in their respective accounts.

Bitcoin slid 5.5 percent to $8,511, its lowest since April 20, based on CoinDesk's bitcoin price index. It traded near $8,563 as of 9:12 am ET.

Other major virtual currencies also posted double-digit declines over the last 24 hours, according to CoinMarketCap. Ethereum traded 11 percent down close to $680. Ripple plunged almost 17 percent to around 66.7 cents and eos fell almost 19 percent to $14.85.