Rothschild Investment

South Korean Law Enforcement Raids Local Crypto Exchange

The office of the popular local cryptocurrency exchange in South Korea identified by media outlets as VGlobal was raided by the country’s law enforcement over the accusation of involvement in fraudulent activities and stealing millions from its users.

As many as twenty-two locations were raided by the South Korean law enforcement, including the company’s HQ in Seoul, the local media outlet Yonhap reported. It further added that the officials had seized around $214 million.

On the other hand, the police maintained that the digital assets’ exchange established itself as a major player in the crypto space and a parent company of some prominent platforms such as Upbit. It promised its users three-fold returns in just six months by referring more investors to the platform.

Since August last year, Lee, the company’s CEO, and his team have been accused of scamming more than forty thousand people. Besides that, the development comes after the country’s minister Eun Seong-soo revealed that more than two hundred crypto platforms were at the risk of halting their operations if they fail to comply with the government regulations.

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