South Korea Crypto Exchanges Upbit and Bithumb Probed Over Lawmaker’s Scandal
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On Monday, a local news outlet reported that South Korea’s Upbit and Bithumb crypto exchanges are under investigation by the Seoul Southern District Prosecutors Office over suspicions concerning lawmaker Kim Nam-kuk’s digital assets. Officials said they are currently investigating whether Kim used insider information to acquire his massive digital assets worth around $4.5 million and to find out their origin. As part of the probe, prosecutors raided Upbit and Bithumb earlier today and seized transaction records and other materials. Opposition Lawmaker’s Scandal The investigation has caused a stir, with many questioning the source of Kim’s digital assets. And how he
Seoul police book Bithumb CEO Lee Jae-won on bribery charges tied to a job favor for a South Korean lawmaker’s son. Seoul police have booked Bithumb CEO Lee Jae-won as a bribery suspect. The Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is leading the probe. Investigators allege Lee hired…
The booking of Bithumb CEO Lee Jae-won on bribery charges in Seoul is the latest signal that South Korea’s crypto exchange sector faces deepening regulatory and legal hazards. According to the original report, police are investigating whether Lee helped secure a position at Bithumb for the son of independent lawmaker…