Prosecutors Conduct Compulsory Search on Upbit and Bithumb in Virtual Asset Trading Investigation

On the 1st, according to the virtual asset industry, the Southern Seoul District Prosecutors' Office conducted a compulsory search on Upbit and Bithumb with reference to their involvement in virtual asset crimes. This search was conducted to investigate virtual assets currently under suspicion of market manipulation and illegal activities, targeting trading firms that have listed these assets. The virtual assets in question were listed and traded at two domestic exchanges in April, and suspicions of market manipulation and illegal activities by major personnel were raised. The prosecution is conducting a compulsory search on these trading firms to request data. However, the virtual assets related to this search are separate from the case handed over to the prosecution by the Financial Supervisory Service regarding 'unfair trading of virtual assets' and also separate from the AVAIL coin, which was flagged by the National Intelligence Service for market manipulation suspicions. A Bithumb official stated that there was nothing to confirm regarding the search. Source: IT Chosun (https://it.chosun.com)