{"id":532861,"date":"2023-05-15T16:20:24","date_gmt":"2023-05-15T16:20:24","guid":{"rendered":"https:\/\/wncen.com\/?p=532861"},"modified":"2023-05-15T13:56:43","modified_gmt":"2023-05-15T13:56:43","slug":"south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\/","title":{"rendered":"South Korea Crypto Exchanges Upbit And Bithumb Probed Over Lawmaker’s Scandal"},"content":{"rendered":"

On Monday, a local news outlet reported <\/span><\/a>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. <\/span><\/p>\n

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.<\/span> As part of the probe, prosecutors raided Upbit and Bithumb earlier today and seized transaction records and other materials.<\/span><\/p>\n

Opposition Lawmaker’s Scandal<\/h2>\n

The investigation has caused a stir, with many questioning the source of Kim’s digital assets. And how he managed to accumulate such a significant amount of money. Accusers have alleged that Kim, a first-term lawmaker, owns around 800,000 Wemix coins.<\/span><\/p>\n

Related Reading: This Week In Bitcoin And Crypto: Key Dates That Will Impact Prices<\/a><\/div>\n

The report deemed this amount inconsistent with his frugal image. Additionally, Kim faces accusations of trading cryptocurrency assets while attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year.<\/p>\n

Notably, Upbit and Bithumb are two major South Korea’s largest crypto<\/a> exchanges. But this is not the first time they have come under scrutiny. <\/span><\/p>\n

In 2018, Upbit was investigated over allegations of fraud<\/a> after it was accused of inflating its balance sheets. <\/span>However, the exchange was later cleared of any wrongdoing. <\/span><\/p>\n

Bithumb, on the other hand, was hacked twice in 2018<\/a>. The hack resulted in the loss of millions of dollars worth of crypto.<\/span><\/p>\n

South Korea Stance On Crypto<\/h2>\n

South Korea has since been a major player in the world of crypto. However, the country has been taking a more cautious approach toward the regulation of digital assets in recent years.<\/span><\/p>\n

In February, South Korea’s Financial Services Commission (FSC) announced<\/a> new rules for cryptocurrencies. The rules required all virtual asset service providers to register with the agency and comply with strict anti-money laundering regulations. <\/span>The move was seen as a step toward greater regulatory clarity and oversight in the crypto industry.<\/span><\/p>\n

Despite the tighter regulations, South Korea remains a hub for cryptocurrency activity, with some of the world’s largest crypto exchanges, such as Bithumb and Upbit, based in the country. However, the government has also been cracking down on illegal crypto-related activities, including fraud and money laundering.<\/span><\/p>\n

It is worth noting the recent investigation into Upbit and Bithumb is likely to have an impact on the country’s cryptocurrency<\/a> industry. This is because the two exchanges account for a significant portion of the country’s trading volume.<\/span><\/p>\n

Related Reading: These Top 5 Cryptos Drop As US Debt Ceiling Fears Worsen Market Conditions<\/a><\/div>\n

The outcome of the investigation could also serve as a warning to other exchanges to be vigilant and comply with regulations to prevent fraudulent activities.<\/span><\/p>\n

In addition to regulatory efforts, South Korea is also exploring the potential of blockchain technology to improve various sectors, such as finance, healthcare, and logistics. The country has launched several blockchain initiatives and projects, including a government-backed pilot program<\/a> to track beef exports using blockchain technology.<\/span><\/p>\n

While South Korea remains a key player in the global crypto landscape, it is also taking a measured and cautious approach to regulating the industry to ensure investor protection and prevent illicit activities.<\/span><\/p>\n

\"The
The total crypto market cap price is moving sideways on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com<\/a><\/figcaption><\/figure>\n

Regardless of the increased regulations in the crypto industry, the global crypto market<\/a> has maintained composure. Over the past 24 hours, the global crypto market capitalization has surged nearly 2% with a value looking to reclaim the previously recorded $1.2 trillion.<\/p>\n

Featured image from, Chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"

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 managed to accumulate such a significant amount of money. Accusers have alleged that Kim, a first-term lawmaker, owns around 800,000 Wemix coins. Related Reading: This Week In Bitcoin And Crypto: Key Dates That Will Impact Prices The report deemed this amount inconsistent with his frugal image. Additionally, Kim faces accusations of trading cryptocurrency assets while attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year. Notably, Upbit and Bithumb are two major South Korea’s largest crypto exchanges. But this is not the first time they have come under scrutiny. In 2018, Upbit was investigated over allegations of fraud after it was accused of inflating its balance sheets. However, the exchange was later cleared of any wrongdoing. Bithumb, on the other hand, was hacked twice in 2018. The hack resulted in the loss of millions of dollars worth of crypto. South Korea Stance On Crypto South Korea has since been a major player in the world of crypto. However, the country has been taking a more cautious approach toward the regulation of digital assets in recent years. In February, South Korea’s Financial Services Commission (FSC) announced new rules for cryptocurrencies. The rules required all virtual asset service providers to register with the agency and comply with strict anti-money laundering regulations. The move was seen as a step toward greater regulatory clarity and oversight in the crypto industry. Despite the tighter regulations, South Korea remains a hub for cryptocurrency activity, with some of the world’s largest crypto exchanges, such as Bithumb and Upbit, based in the country. However, the government has also been cracking down on illegal crypto-related activities, including fraud and money laundering. It is worth noting the recent investigation into Upbit and Bithumb is likely to have an impact on the country’s cryptocurrency industry. This is because the two exchanges account for a significant portion of the country’s trading volume. Related Reading: These Top 5 Cryptos Drop As US Debt Ceiling Fears Worsen Market Conditions The outcome of the investigation could also serve as a warning to other exchanges to be vigilant and comply with regulations to prevent fraudulent activities. In addition to regulatory efforts, South Korea is also exploring the potential of blockchain technology to improve various sectors, such as finance, healthcare, and logistics. The country has launched several blockchain initiatives and projects, including a government-backed pilot program to track beef exports using blockchain technology. While South Korea remains a key player in the global crypto landscape, it is also taking a measured and cautious approach to regulating the industry to ensure investor protection and prevent illicit activities. Regardless of the increased regulations in the crypto industry, the global crypto market has maintained composure. Over the past 24 hours, the global crypto market capitalization has surged nearly 2% with a value looking to reclaim the previously recorded $1.2 trillion. Featured image from, Chart from TradingView.com<\/p>\n","protected":false},"author":580,"featured_media":532904,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[10658,1260,6664,1976,11587],"class_list":["post-532861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-bithumb","tag-cex","tag-crypto","tag-exchanges","tag-upbit"],"acf":[],"yoast_head":"\nSouth Korea Crypto Exchanges Upbit and Bithumb Probed Over Lawmaker's Scandal<\/title>\n<meta name=\"description\" content=\"On Monday, local news outlet reported South Korea's Upbit and Bithumb crypto exchanges are under investigation by the Seoul...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"South Korea Crypto Exchanges Upbit and Bithumb Probed Over Lawmaker's Scandal","description":"On Monday, local news outlet reported South Korea's Upbit and Bithumb crypto exchanges are under investigation by the Seoul...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\/","og_locale":"en_US","og_type":"article","og_title":"South Korea Crypto Exchanges Upbit and Bithumb Probed Over Lawmaker's Scandal","og_description":"On Monday, local news outlet reported South Korea's Upbit and Bithumb crypto exchanges are under investigation by the 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"South Korea Crypto Exchanges Upbit And Bithumb Probed Over Lawmaker’s Scandal","url":"http:\/\/wncen.com\/news\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/South-Korea-Crypto-exchanges-Upbit-and-Bithumb-probed.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/South-Korea-Crypto-exchanges-Upbit-and-Bithumb-probed.jpeg?fit=574%2C300"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bithumb","cex","crypto","exchanges","upbit"],"dateCreated":"2023-05-15T16:20:24Z","datePublished":"2023-05-15T16:20:24Z","dateModified":"2023-05-15T16:20:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"South Korea Crypto Exchanges Upbit And Bithumb Probed Over Lawmaker’s Scandal\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/South-Korea-Crypto-exchanges-Upbit-and-Bithumb-probed.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/South-Korea-Crypto-exchanges-Upbit-and-Bithumb-probed.jpeg?fit=574%2C300\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bithumb\",\"cex\",\"crypto\",\"exchanges\",\"upbit\"],\"dateCreated\":\"2023-05-15T16:20:24Z\",\"datePublished\":\"2023-05-15T16:20:24Z\",\"dateModified\":\"2023-05-15T16:20:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/South-Korea-Crypto-exchanges-Upbit-and-Bithumb-probed.jpeg?fit=574%2C300","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/532861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=532861"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/532861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/532904"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=532861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=532861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=532861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}