Two national cryptocurrency exchange platforms have been raided as part of an investigation into a politician's dubious crypto investments in South Korea. During the perquisition, the South Korean authorities seize a large number of papers.

Two cryptocurrency exchanges are on the radar of the South Korean government

Purchase of cryptocurrency in South Korea as a result of the Kim Nam-Kuk case.

The South Korean government has been fighting cryptocurrency fraud for several years. In the case of Kim Nam-Kuk, it all started with revelations about his Wemix holdings while a member of the South Korean National Assembly. This politician possessed around 800,000 Wemix pieces. It would be the equivalent of 6 billion won (4.5 million dollars). A massive amount of cryptocurrency that only the possession of constitutes a crime in South Korea. As a result, Kim Nam-Kuk has been charged with possessing an enormous amount of virtual currency linked to suspected crypto activities. 

This case in South Korea involves three cryptocurrency exchanges. They are Upbit, Bithumb, and Kakao Kli. According to reports, Kim Nam-Kuk has digital wallets on these three cryptocurrency exchanges and transferred Bithumb shares to Upbit at the start of the year. The unit corĂ©enne de renseignement financial suspects certain transactions, obliging it to notify the prosecutor's office. 

The politician would have withdrawn his participation prior to the implementation of the famous G7 "rule of travel" in South Korea.

Perquisitions and seizures at the relevant platforms

Kim Nam-Kuk confirms that his cryptocurrency trading is beyond doubt. It does not prevent the acquisitions of the two crypto exchanges from continuing. They took place on May 15th.

During the course of the investigation, the prosecutor's office obtained records as well as other papers from Upbit and Bithumb. Documents were also seized during Kakao Klip's search.

Kim Nam-Kuk, as well as the jeton's emetteur Wemix, regard the South Korean cryptocurrency exchange as a new scam. However, the authorities are not convinced. Affair to follow...

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