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Home / Market News / South Korean Exchanges Accused of Embezzling Customer Funds

South Korean Exchanges Accused of Embezzling Customer Funds

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News has surfaced of the South Korean prosecutors investigating 3 crypto exchanges for charges of embezzlement. Allegedly senior managers and executives funneled customer cash into their private pockets. In an attempt to launder the cash, the individuals attempted to convert their fiat haul into crypto.

Furthermore, investors have also been implicated as victims having been scammed by the exchanges under investigation.

“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,” a prosecutor said.
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The investigation remains underway as evidence was seized from the offices of the accused exchanges. Materials including hard drives and financial documents were confiscated as the prosecutors aim to build a case to bring the predators in front of legal authorities.

To conclude, a number of South Korean bitcoin exchanges are under investigation by the authorities for alleged illegal activities including embezzlement. While the situation surrounding crypto use in the country remains tense, ICO’s are still currently banned although rumors of the blanked ban being reworked were in circulation earlier this month. Despite the shocking news, crypto use remains hugely popular around the country especially among those 20 years old and over.

NairaEX remains one of the most transparent exchanges with over 10000 transactions being fulfilled, customer satisfaction remains the priority. With transactions only held for a number of hours, your assets experience no risk in comparison with South Korean exchanges which often put transactions on hold for days at a time on many occasions.

Names of the exchanges have not been released as the investigation is underway. We aim to keep you up to date as the investigation progresses with updates in the future.

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