South Korean Authorities Raid the Offices of Upbit and Bithumb
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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.

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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.

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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."

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