The police Wednesday raided the two offices of the Coinup for alledged fraududelent issuing of the cryptocurrency.

The Suseo Police Agency said it confiscated documents and computer files from the offices through the raid.

The police raided the offices after securing a search and confication warrant from the court. Many investors filed the lawsuits agaisnt Coinup for fraudulent coin issuing.

It allegedly coerced investors into investing in WEC coin, which it claimed would guarantee huge investment return once it is listed on an exchange.

The Korea Blockchain Association said none of its member exchange plans to list the bogus coin. It had advised investors against the coin.