Crypto Updates

Upbit, Bithumb Raided Following Lawmaker’s Crypto Scandal

Large Securities Companies in South Korea Plan to Launch a Crypto Exchange in H1 2023

In an ongoing investigation
into the cryptocurrency holdings of independent lawmaker Kim Nam-kuk, South
Korean prosecutors conducted raids on two local cryptocurrency exchanges on
Monday, according to officials. The Seoul Southern District Prosecutors Office
dispatched a team of investigators who seized transaction records as well as
other relevant materials from both Upbit and Bithumb.

The investigation stems from mounting
suspicions surrounding Rep. Kim’s digital assets
. Recent revelations indicate that he
possessed approximately 800,000 Wemix coins in 2021, valued at around 6 billion
won (US$4.5 million). Questions have arisen regarding the source of the funds
and whether Rep. Kim had access to insider information.

In addition to the questions
surrounding his cryptocurrency holdings, the first-term lawmaker, who recently
resigned from the main opposition Democratic Party, faces allegations of
engaging in cryptocurrency trading during his attendance at two meetings of the
National Assembly’s judiciary committee. These meetings took place in May and
November of the preceding year.

Rep. Kim maintains his digital
wallets with Upbit and Bithumb, the two cryptocurrency exchanges subject to the
recent raids, as the Seoul Southern District Prosecutors Office aims to gather
further evidence and shed light on the circumstances surrounding the lawmaker’s
digital asset transactions.

The raids on these
cryptocurrency exchanges mark a significant development in the ongoing
investigation, as authorities seek to ascertain the origins of Rep. Kim
Nam-kuk’s substantial cryptocurrency holdings and determine whether any illicit
activities or breaches of trust occurred.

PPP to Launch Internal Task

Meanwhile, in a related development,
the ruling People Power Party (PPP) announced on Monday its intention to
establish an internal task force dedicated to investigating suspicions
surrounding the cryptocurrency transactions of opposition lawmaker Kim Nam-kuk.

On Sunday, Kim resigned from
the Democratic Party, stating his desire not to burden the party. Consequently,
the party’s fact-finding investigation into Kim and an ethics inquiry were

In response, the PPP has
decided to form a special task force, set to commence its activities on
Tuesday. The task force will comprise approximately 10 members, including PPP
lawmakers and external experts possessing specialized knowledge of digital

The establishment of the
internal task force by the People…

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