South Korean prosecutors have conducted raids and asset seizures at the offices of South Korean crypto exchanges Upbit and Bithumb in connection with an investigation into suspicious transactions by national assemblyman Kim Nam-kuk.
According to CoinDesk, law enforcement officials have also set their sights on messenger operator Kakao, as the lawmaker used the Klip cryptocurrency wallet.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
According to prosecutors, from late February to early March last year, the politician allegedly cashed out 800,000 WEMIX tokens. At that time, the assets were worth 6 billion won or about $4.5 million.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
Data on Kim's transactions, uncovered by financial intelligence, were handed over to prosecutors by the Financial Services Commission. The regulator classified the transactions as "suspicious."