Crypto Exchanges Upbit & Bithumb Below Hearth! South Korean Authority Investigates Following Ex-Lawmaker’s Crypto Scandal

In a big growth that’s set to shake up the present crypto market sentiment, South Korean authorities have initiated an intense investigation into the nation’s two largest cryptocurrency exchanges, Upbit and Bithumb. This motion follows the current revelation of a high-profile scandal involving a former lawmaker and his questionable cryptocurrency transfers.

Upbit And Bithumb Face Authorized Scrutiny

South Korean authorized authorities have carried out a radical search of accounts on the nation’s main cryptocurrency exchanges, Upbit and Bithumb. This motion pertains to transfers carried out by ex-lawmaker Kim Nam-kuk on Monday. As well as, Kakao’s messaging utility additionally fell below scrutiny as Kim reportedly used its Klip cryptocurrency pockets for transactions, as reported by CoinDesk Korea.


For the reason that earlier week, Rep. Kim Nam-kuk, related to the Democratic Get together of Korea, has discovered himself tangled in allegations of battle of curiosity. These accusations stem from cryptocurrency withdrawals he made in 2022, elevating questions in regards to the appropriateness of his actions.

Kim can be below scrutiny for allegations that he engaged in cryptocurrency buying and selling in the course of the Nationwide Meeting’s judiciary committee conferences in Might and November of the earlier 12 months, in response to a report by CoinDesk Korea. Regardless of portraying himself as a modest politician, it was found that he owned 800,000 WEMIX tokens, valued at 6 billion gained ($4.5 million), in the course of the months of January and February 2022.

Ruling Folks Energy Get together Launches Inside Job Power

Kim Nam-kuk stepped down from the Minjoo get together on Sunday, following revelations that surfaced over every week in the past about his possession of roughly $4.5 million in wemix cash throughout 2021. This data aligns with earlier stories made by a number of information sources two years in the past.

At this level, it stays unclear whether or not Kim had any unfair benefit comparable to entry to privileged data that may have assisted his funding choices, or whether or not he was gifted free cash by advantage of his political stature.

Wemix stated in a weblog submit: “Studies to the impact that WeMade illegally supported Wemix or offered inside data associated to investments to members of the Nationwide Meeting are fully unfaithful.”

Korean prosecutors launched a search operation on Monday at Upbit and Bithumb, the platforms the place Kim is presupposed to have his digital wallets, as a part of their ongoing investigation into Kim’s affairs.

The report means that transaction information had been confiscated throughout these searches.

This controversy has additionally triggered an in-house investigation by the ruling political get together into Kim, following accusations of him participating in cryptocurrency trades throughout parliamentary periods.

All through his political profession, Kim supported regulatory laws that might classify sure gaming revenues as cryptocurrencies.

The unfolding of Kim’s crypto scandal coincides with South Korea’s ongoing efforts to manage the cryptocurrency trade.