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Korean Authorities Raid Three Cryptocurrency Exchanges

By

Adam

Reese

WriterETHNews.com

Korean officials have visited the premises of three digital asset exchanges where staff are suspected of illegally taking possession of customer funds in order to buy virtual currency for themselves.

Between March 12 and March 14, officials with the Seoul Southern District Prosecutors' Office reportedly conducted searches at three South Korean cryptocurrency exchanges.

Personnel with the trading platforms are apparently suspected of having embezzled customer funds, then using them to buy cryptocurrency on other exchanges.

A prosecutor with the Seoul office related that the "firms turned up on our radar in January during our investigation of suspicious money transfers between Bitcoin exchanges that were detected during an audit by the Financial Services Commission and the Korea Financial Intelligence Unit."

Investigators confiscated hard drives, cell phones, and documents from the three exchanges.

The prosecutors involved in the case are also expected to probe whether the exchanges tried to cheat investors.

Translations by the author of the hyperlinked article.

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether, Bitcoin, and Monero.

ETHNews is committed to its Editorial Policy

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