Breaking: Upbit & Bithumb Crypto Exchanges Get Raided By South Korean Prosecutors
Crypto News: As part of an investigation into the escalating suspicions around opposition legislator Kim Nam-kuk’s crypto holdings, prosecutors in South Korea conducted raids on two of the country’s local cryptocurrency exchanges on Monday. According to a report published by Yonhap in South Korea, a group of detectives from the Seoul Southern District Prosecutors Office collected transaction records and other information from Upbit and Bithumb.
Upbit & Bithumb Get Raided
The actions come at a time when Representative Kim was under fire after it was revealed that he held around 800,000 Wemix coins in 2021, which had a value of approximately $4.5 million at the time. This, however, was a considerable quantity that was inconsistent with his reputation as a frugal person.
Read More: Binance Adds New PEPE, SUI Margin Pairs; Popular Analyst Predicts Another Rally
Therefore, there have been questions raised over the origin of the money and whether or not he made use of confidential information. However, the Wemix team has denied the charges and published a blog post that quoted:
Reports to the effect that WeMade illegally supported Wemix or provided internal information related to investments to members of the National Assembly are completely untrue.
In addition to this, allegations have been made that Kim traded coins during meetings of the National Assembly’s judiciary committee in May and November of the previous year.
Kim’s Tryst With Cryptocurrencies
On Monday, the party in power, the People’s Power Party, announced that they will initiate an internal task force to probe Kim’s cryptocurrency transfers. The task group will be led by Representative Yun Chang-Hyeon, who chairs the special committee on digital assets, alongside Kim Sung-won.
During his tenure in the office, he advocated and voted in favor of regulatory legislation that would have recognized certain forms of gaming tokens as cryptocurrencies. On Sunday, Kim handed in his resignation from the primary opposition Democratic Party.
Also Read: Coinbase Eyes Major Cancellation In Ethereum Staking, Is ETH Price Set To Plunge?
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
