Upbit and Bithumb raided by South Korean authorities due to lawmakers' crypto scandal

2023-05-16 07:55:31

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ChainCatcher news, according to Yonhap News Agency, South Korean officials stated that prosecutors raided the cryptocurrency exchanges Upbit and Bithumb on Monday as part of an investigation into independent lawmaker Kim Nam-kook's cryptocurrency scandal. Kim Nam-kook owns digital wallets on Upbit and Bithumb. It is reported that a group of investigators from the Southern District Prosecutors' Office in Seoul seized trading records and other materials from the two exchanges.

Previously, Kim Nam-kook was revealed to own approximately 800,000 Wemix tokens in 2021, valued at about 6 billion won (approximately 4.5 million USD), which greatly contrasts with his frugal image, leading to criticism. There are suspicions regarding the source of these funds and whether he used insider information. Kim Nam-kook resigned from the main opposition Democratic Party on Sunday, and he also faces allegations of trading cryptocurrencies during two meetings of the National Assembly's Judicial Committee in May and November of last year. (source link)

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Upbit Bithumb South Korea supervision

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