Upbit and Bithumb Exchanges Raided by South Korean Authorities

• Prosecutors in South Korea have conducted a raid on the two crypto exchanges.
• The lawmaker Kim Nam-kuk resigned from his political party.

The prosecutors in South Korea have conducted a raid on the two local crypto exchanges as part of the investigation into the digital assets of lawmaker Kim Nam-kuk. 

Yonhap, a South Korean news agency, reported that a group of prosecutors from the Seoul southern district office raided the two crypto exchanges, Bithumb and Upbit, for transaction records and other information. Kim stated that to operate his digital wallets on the two crypto exchanges.

Following Kim’s resignation from his political party on May 14, the authorities conducted a raid. This raid was due to the suspicious crypto dealings in which he traded coins during meetings of the National Assembly’s judiciary committee in May and November 2022. 

The investigation came at a time when he revealed his holdings of around 800,000 Wemix coins in 2021, which were worth approximately $4.5 million at the time. However, the Wemix team has denied the charges.