2 years ago
South Korean prosecutors are probing crypto exchanges UpBit and Bithumb arsenic portion of the investigations into the transactions of lawmaker Kim Nam-kuk.
Local media reported that the Seoul Southern District Prosecutor’s Office had seized Kim’s relationship accusation from the 2 exchanges to cheque his transaction past and backing source.
Prosecutors besides sent a warrant to the Kakao messaging app due to the fact that the lawmaker utilized its Klip wallet for immoderate crypto transactions.
The country’s large fiscal regulator reported Kim to the prosecutors aft acting connected accusation from Upbit. The lawmaker had transferred 800,000 WEMIX tokens valued astatine 6 cardinal won ($4.5 million) from Upbit to Bithumb betwixt precocious February and aboriginal March of 2022.
The revelation sparked concerns astir struggle of involvement arsenic Kim had co-sponsored a measure to amend the Income Tax Act successful 2021. The measure sought to region taxes connected virtual assets.
While investigations person been connected since past year, the tribunal denied earlier efforts to get the hunt and seizure warrants. But the prosecution was palmy connected its 3rd effort aft strengthening its charges.
According to reports, prosecutors listed charges specified arsenic violating the Political Funds Act, concealing transgression proceeds, and taxation evasion successful the hunt and seizure warrants sent to the exchanges.
Meanwhile, Kim, who was a subordinate of South Korea’s main absorption enactment Democratic Party has resigned from the enactment to go an independent.
The lawmaker has denied violating immoderate law, arsenic nary regularisation requires lawmakers to study their cryptocurrency transactions. WEMIX was delisted from apical South Korean exchanges successful November 2022.
The station South Korea prosecutors investigating lawmaker’s crypto accounts appeared archetypal connected CryptoSlate.
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