Korean Crypto Exchanges Upbit, Bithumb Raided Over Lawmaker’s Crypto Dealings

South Korean prosecutors person raided 2 of the country’s largest coin trading platforms wrong an probe into the crypto investments of a politician. They seized materials from Upbit and Bithumb amid suspicions of wrongdoing related to the lawmaker’s cryptocurrency holdings.

South Korean Law Enforcement Authorities Check Records From 3 Crypto Platforms

Investigators from the Seoul Southern District Prosecutor’s Office raided 2 starring home integer plus exchanges connected Monday arsenic portion of an probe launched successful effect to a increasing ungraded with the suspicious crypto dealings of an absorption lawmaker.

Kim Nam-kuk, a first-term subordinate of South Korea’s National Assembly, came nether occurrence pursuing revelations that helium owned astir 800,000 Wemix coins successful 2021, worthy astir 6 cardinal won (US$4.5 million) astatine the time. On Sunday, helium quit the Democratic Party.

Kim Nam-kuk. Source: Facebook.

Transaction records and different materials person been seized from the exchanges Upbit and Bithumb arsenic good arsenic Kakao Klip, a blockchain level tally by the Korean tech elephantine Kakao Corp, the Yonhap quality bureau revealed, quoting prosecutors.

According to the report, Kim has integer wallets connected the 3 platforms and allegedly transferred the coins from Bithumb to Upbit aboriginal past year. The Korea Financial Intelligence Unit flagged the transactions arsenic suspicious and reported it to the Prosecutor’s Office.

The person is believed to person withdrawn the assets up of the enforcement of the alleged ‘Travel Rule’ successful South Korea which requires exchanges to study idiosyncratic accusation astir crypto owners erstwhile a transferred magnitude exceeds a 1 cardinal won threshold.

Kim, who was among the sponsors of a measure delaying income taxation of virtual assets successful 2021, has besides faced allegations that helium traded coins during meetings of the parliament’s judiciary committee past year. He has been the people of accusations of struggle of involvement and utilizing insider accusation arsenic good arsenic suspicions regarding the root of the wealth for his crypto investments.

Prosecutors sought a hunt and seizure warrant for Kim Nam-kuk’s crypto wallets connected 2 occasions precocious past year, but a South Korean tribunal dismissed the requests. However, arsenic the ungraded snowballed successful caller weeks, they expanded their probe and were capable to yet unafraid a warrant to hunt the cryptocurrency platforms.

Kim maintains determination was thing incorrect with his crypto trading and has vowed to clasp publications accountable for what helium views arsenic media reports based connected mendacious information. Meanwhile, the issuer of the Wemix token, Wemade, has denied allegations of engagement with the lawmaker’s crypto dealings and besides threatened to instrumentality ineligible enactment against fake news.

Do you deliberation the South Korean person volition beryllium prosecuted for his crypto investments and trades? Tell america successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Anney_Lier / Shutterstock.com

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