South Korean prosecutors raided crypto exchanges Upbit and Bithumb on Monday as part of an investigation into the cryptocurrency scandal involving independent lawmaker Kim Nam-gook, South Korean officials said. Jin Nanguo has digital wallets on Upbit and Bithumb. It is reported that a team of investigators from the Seoul Southern District Prosecutors Office seized transaction records and other materials from the two exchanges. Kim Nam-guk has previously come under fire after being revealed to own about 800,000 Wemix tokens worth about 6 billion won ($4.5 million) in 2021, which is far from his frugal image. Doubts have been raised about the source of the funding and whether inside information was used. Kim, who quit the main opposition Democratic Party on Sunday, is also facing charges of dealing in cryptocurrencies during two sessions of the National Assembly's Judiciary Committee in May and November last year.

South Korean prosecutors raided crypto exchanges Upbit and Bithumb on Monday as part of an investigation into the cryptocurrency scandal involving independent lawmaker Kim Nam-gook, South Korean officials said. Jin Nanguo has digital wallets on Upbit and Bithumb. It is reported that a team of investigators from the Seoul Southern District Prosecutors Office seized transaction records and other materials from the two exchanges. Kim Nam-guk has previously come under fire after being revealed to own about 800,000 Wemix tokens worth about 6 billion won ($4.5 million) in 2021, which is far from his frugal image. Doubts have been raised about the source of the funding and whether inside information was used. Kim, who quit the main opposition Democratic Party on Sunday, is also facing charges of dealing in cryptocurrencies during two sessions of the National Assembly's Judiciary Committee in May and November last year.