Prosecutors raid Upbit and Bithumb over crypto investment scandal
Published: 15 May. 2023, 20:11
Updated: 16 May. 2023, 10:31
![Rep. Kim Nam-kuk, formerly a member of the Democratic Party, leaves his office at the National Assembly in western Seoul on May 9. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/05/16/1d12a68b-9066-4c5f-9d66-f46b057add64.jpg)
Rep. Kim Nam-kuk, formerly a member of the Democratic Party, leaves his office at the National Assembly in western Seoul on May 9. [YONHAP]
Prosecutors raided the offices of Upbit and Bithumb, Korea's two largest cryptocurrency exchanges, on Monday in connection with the investigation into a controversial cryptocurrency investment by former Democratic Party lawmaker, now independent, Kim Nam-kuk.
The court rejected the prosecutors' earlier request for a search and seizure warrant to investigate Kim's investments.
Kim since last week has been implicated in massive cryptocurrency investment controversies, most of which are minor tokens that are unknown.
BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]
with the Korea JoongAng Daily
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