Anadolu Staff
15 May 2023•Update: 15 May 2023
ANKARA
South Korean prosecutors on Monday raided two local cryptocurrency exchanges in the capital Seoul in connection with an investigation into snowballing suspicions surrounding an independent lawmaker's digital assets, local media reported.
A team of investigators from the Seoul Southern District Prosecutors Office seized transaction records and other materials from Upbit and Bithumb, as part of the investigation against independent lawmaker Kim Nam-kuk, local Yonhap news agency reported citing unnamed officials.
The lawmaker operates his digital wallets at Upbit and Bithumb.
The action was taken after revelations that Kim owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million), a significant amount inconsistent with his frugal image, the news agency reported.
The lawmaker has been under fire following rising suspicions over where the money came from and whether he used insider information.
The first-term lawmaker, who quit the main opposition Democratic Party on Sunday, has also been accused of trading cryptocurrency coins while he was attending at least two meetings of the judiciary committee of the National Assembly in May and November last year.
