South Korean prosecutors have conducted raids on two major cryptocurrency exchanges, Upbit and Bithumb, as part of an investigation into alleged fraud and embezzlement. This move by the authorities is aimed at tightening their grip on the industry and preventing it from being used for illicit activities. The investigations are ongoing and it is unclear what the outcome will be, but if the exchanges are found guilty, they could face hefty fines and other penalties. The raids have had a negative impact on the cryptocurrency market, but some experts believe that this crackdown is necessary to ensure that the industry operates within the law.