South Korean prosecutors have reportedly raided the offices of the two leading cryptocurrency exchanges in the country – Upbit and Bithumb – as part of an ongoing investigation against Kim Nam-kuk. 

The politician faced public scrutiny after several reports indicated he acquired 800,000 Wemix tokens by bypassing necessary regulations. He transferred the coins from Bithumb to Upbit last year, and the authorities suggested the platforms could have been involved somehow. 

The Inspection Spreads Further

According to a local media outlet, the Korean authorities searched the headquarters of Upbit and Bithumb in Seoul in a bid to unravel the case of Kim Nam-kuk. 

The Democratic Party (DP) recently urged him to sell his 800,000 Wemix coins following accusations that he could have used insider information to accumulate them a few years ago. 

The politician allegedly withdrew the assets at the beginning of 2022: several months before the enforcement of legislation that requires crypto entities to report personal information when transferring over $758. He was also part of the team that proposed a delay of income taxation on digital assets in South Korea. 

Nam-kuk said he would fulfill the DP’s requirement and sell the holdings, currently worth approximately $660,000.

“I received the recommendation from the party to sell my crypto assets. I will faithfully implement the recommendat