Cryptocurrency Scandal in South Korea: Upbit, Bithumb Crypto Exchanges Raided by Authorities
Prosecutors raided two of South Korea's local cryptocurrency exchanges on Monday as part of an investigation into the snowballing suspicions surrounding opposition lawmaker Kim Nam-kuk's digital assets, officials said.
Seoul, May 15 : Prosecutors raided two of South Korea's local cryptocurrency exchanges on Monday as part of an investigation into the snowballing suspicions surrounding opposition lawmaker Kim Nam-kuk's digital assets, officials said.
A team of investigators from the Seoul Southern District Prosecutors Office seized transaction records and other materials from Upbit and Bithumb, they said, reports Yonhap news agency. India-Made Apple iPhone: Tata Group To Acquire Wistron’s Production Line To Manufacture iPhone 15 and iPhone 15 Plus In India, Say Reports.
The move came as Rep. Kim has come under fire following revelations he owned around 800,000 Wemix coins in 2021, worth around 6 billion won ($4.5 million), a significant amount inconsistent with his frugal image. Suspicions have arisen over where the money came from and whether he used insider information. WhatsApp New Feature Update: Meta-Owned Messaging Platform To Introduce Group Calling Feature in macOS.
The first-term lawmaker, who quit the main opposition Democratic Party on Sunday, has also faced allegations he traded cryptocurrency coins while he was attending at least two meetings of the judiciary committee of the National Assembly, which took place in May and November of last year. Kim operates his digital wallets at Upbit and Bithumb.
(The above story first appeared on LatestLY on May 15, 2023 07:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).