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South Korean cryptocurrency probe yields more arrests

South Korean authorities on May 14 arrested the CEO and two other employees of Seoul-based cryptocurrency exchange HTS Coin in connections with embezzlement and fraud charges, Newsis News Agency reported the same day.

The arrests were made after the Seoul Southern District Court issued an arrest warrant the same day. Prosecutors have been investigating allegations that HTS Coin falsified its cryptocurrency inventory and stole customers' funds, according to the report.

The latest arrests came after prosecutors in March searched HTS Coin and two other exchanges. So far, seven arrests have been made in South Korea since March in connection with the government's crackdown on the cryptocurrency industry.

Separately, prosecutors on May 11 raided the offices of Dunamu Inc., the operator of Seoul-based cryptocurrency exchange UPbit.