Investigators raid Yobit and Bithumb exchanges
Investigators from South Korea’s attorney general’s office have raided two leading domestic digital asset exchanges as part of an investigation launched in response to a growing scandal of suspicious transactions and currencies involving an opposition politician.
Also read: South Korea: Politician Leaves Party Over Cryptocurrency Scandal
Where a member of the National Assembly in South Korea, Kim Nam-kukwas heavily criticized, after it was revealed that he possessed about 800,000 coins Wemix in 2021, which is worth about six billion won (US$4.5 million) at that time.
For its part, revealed a news agency Yonhap Citing prosecutors, transaction records were seized from stock exchanges Yobit Upbit AndBithumbas well Kakao Clipwhich is a platform blockchain run by a company Kakao Corp Korean tech giant.
According to the report, he owns Kim Kim digital wallets on all three platforms, and allegedly moved his cryptocurrencies from an exchange Bithumb to Upbit early last year. The Korean Financial Intelligence Unit learned that the transactions were suspicious and reported them to the Public Prosecutor’s Office.
The politician is also believed to have withdrawn the assets prior to implementing South Korea’s so-called “travel rule”, which requires exchanges to report personal information about cryptocurrency owners, when the amount transferred exceeds the 1 million won threshold.
mention that Kim Kimwhich was among the sponsors of a bill to delay income tax on virtual assets in 2021, faced allegations that it traded cryptocurrencies during parliament’s Judiciary Committee meetings last year.
Prosecutors sought a search warrant and purse confiscation Kim Nam Kook However, as the scandal escalated in recent weeks, prosecutors expanded their investigations, and eventually managed to obtain a search warrant on the aforementioned cryptocurrency exchanges.
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Turn confirms Kim that there was nothing wrong with cryptocurrency trading, and vowed to be held accountable for what he saw as media reports based on misinformation.
