"Because of Kim Nam-kuk, this crypto exchange is also the one that gets hit."
South Korean prosecutors raided cryptocurrency exchanges Upbit and Bithumb collecting transaction records and other information as part of an investigation into digital assets held by opposition lawmaker Kim Nam-kuk.
This is because Kim has held as many as 800,000 Wemix worth $4.5 million in 2021, therefore there is a question that arises whether the money is used for confidential information or not.
Despite this, Wemix's team has vehemently denied all the charges leveled against him.
According to his team, the speculation about WeMade allegedly supporting Wemix illegally and providing inside information related to investments to members of the National Assembly is completely untrue.
However, Kim was accused of trading coins during the Senate judiciary committee meetings in May and November last year.
On Monday, the People's Power Party announced it would start an internal task force to investigate Kim's crypto transfers, with the task force to be headed by Representative Yun Chang-Hyeon, who co-chairs the digital assets special committee with Kim Sung-won.
Following that, Kim resigned from the main opposition Democratic Party after supporting and voting for regulatory legislation that recognized gaming tokens as crypto.
