This is an oxidation-reduction (redox) reaction:
2 Cu² + 2 e- → 2 Cu¹ (reduction)
2 I⁻¹ - 2 e- → 2 I⁰ (oxidation)
CuSO₄ is an oxidizing agent, KI is a reducing agent. Therefore Copper is being reduced and Iodine oxidized.
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