Korean Prosecution Raids WeMade and Hyperism in Relation to WEMIX Cryptocurrency
The Korean prosecution has conducted simultaneous raids on WeMade, the issuer of the cryptocurrency WEMIX, and Hyperism, the asset management company responsible for WEMIX’s market making. This action follows the recent passing of South Korea’s Virtual Asset Protection Act, which aims to combat illegal trading practices.
Key Points:
- The raid took place at Hyperism’s headquarters in Gwanak-gu, Seoul.
- The search was related to WEMIX, as confirmed by an official from Hyperism.
- The Financial Investigation Department 1 of the Seoul Southern District Prosecutor’s Office initiated the search at WeMade’s headquarters in Bundang-gu, Seongnam-si, Gyeonggi-do.
- The investigation also extended to the market makers of WEMIX.
- Previously, WEMIX investors had filed a complaint against Hyun-guk Jang, the representative of WeMade, accusing him of fraud and fraudulent unfair trading.
Hot Take:
This recent raid on WeMade and Hyperism shows the Korean prosecution’s determination to crack down on illegal trading practices in the cryptocurrency market. The actions taken by the authorities highlight the importance of transparency and fair trading in the industry. Investors should be cautious and conduct thorough research before engaging with any cryptocurrency.
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