South Korea Probes Crypto Exchanges Upbit, Bithumb on Ex-Lawmaker’s Transfers
:format(jpg)/www.coindesk.com/resizer/HlSbDKjRcYjbi2OIKQ1HXzRUXZI=/arc-photo-coindesk/arc2-prod/public/CZ3KD5AAFFGLDAVJKLCVXNUXQI.JPG)
Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.
South Korean prosecutors searched accounts at major exchanges Upbit and Bithumb, relating to the transfers made by former lawmaker Kim Nam-kuk on Monday.
Messaging app Kakao was also included in the search due to Kim using its Klip cryptocurrency wallet, according to CoinDesk Korea.
Since last week, Rep. Kim Nam-kuk of the Democratic Party of Korea has been embroiled in accusations of conflict of interest over cryptocurrency withdrawals he made in 2022.
Kim also faces accusations that he was trading coins during meetings of the National Assembly’s judiciary committee in May and November last year, a CoinDesk Korea report said. The lawmaker presented himself as a frugal politician while owning 800,000 WEMIX tokens, worth 6 billion won ($4.5 million) between January and February 2022.
The ruling People Power Party said that it would launch an internal task force to investigate Kim’s cryptocurrency transfers on Monday. Rep. Yun Chang-hyeon, who heads the special committee on digital assets will head the task force, along with Rep. Kim Sung-won.
Kim resigned from the main opposition Democratic Party on Sunday.
Edited by Parikshit Mishra.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.
