South Korea’s Upbit and Bithumb Crypto Exchanges Under Investigation Over Lawmaker’s Digital Assets Worth $4.5 Million

05/16 00:06

South Korea's Upbit and Bithumb crypto exchanges are being investigated by the Seoul Southern District Prosecutors Office over suspicions concerning lawmaker Kim Nam-kuk's digital assets. The investigation is to find out whether Kim used insider information to acquire his massive digital assets worth around $4.5 million and to determine their origin. The exchanges were raided and transaction records and other materials were seized. South Korea has been taking a more cautious approach toward the regulation of digital assets in recent years and the investigation into Upbit and Bithumb is likely to have an impact on the country's cryptocurrency industry.

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