3 South Korean Exchanges Raided

3 South Korean Exchanges Raided

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A developing story from South Korea as reports claim that 3 cryptocurrency exchanges have been raided over embezzlement suspicions. According to Chosun.com, both company staff and executives are suspected to have skimmed funds from user accounts, then purchasing cryptocurrencies on other exchanges with the stolen money. As stated by the Seoul Southern District Prosecutors' Office, mobile devices, documents and hard drives were seized; a prosecutor involved had this to include: 

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

Apart from the prosecutor's investigation, South Korea's Financial Securities Commission is also furthering the investigation to an exchange (still undisclosed) is under accusations of illegal fundraising practices. Though admittedly speculation, this could come under the country's tightening of restrictions regarding ICOs, as they are typically associated with fundraising. We will update this as further information is released from both government entities involved in these investigations. 

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