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9/2, 9:55 PM (Source: TeleTrader)
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Bitcoin, ether drop as Bithumb reportedly raided

Popular cryptocurrencies Bitcoin and Ether traded with losses on Wednesday following reports that the offices of one of South Korea's largest crypto exchanges were raided earlier in the day.

According to local media, Bithumb's headquarters in Seoul were raided over suspicions of fraud following a $25 million token sale.

Bitcoin fell 4.64% to $11,388 at 4:00 pm ET. At the same time, the price of Ether tumbled 8.72% to $434.33. The price of Ether surged over 10% in value on Tuesday and is up over 87% for the last six months.

Breaking the News / JC