South Korean Prosecutors Raid Third Crypto Exchange in Probe into Lawmaker

Monday, 22/05/2023 | 13:22 GMT by FM Contributors
  • Following Upbit, Bithumb raids, investigators set their sights on Ozys PTE Ltd.
  • Raids part of ongoing investigation into Kim Nam-kuk's cryptocurrency activities
South Korea

In an ongoing probe into Rep. Kim Nam-kuk's questionable cryptocurrency transactions, prosecutors conducted a raid on Monday at the offices of Ozys PTE Ltd., the operator of the cryptocurrency platform Klayswap, located in Seoul's Yeouido district.

Officials from the Seoul Southern District Prosecutors Office revealed that investigators were dispatched to Ozys PTE Ltd. to seize evidence related to the case, as reported by Yonhap. The primary focus of the investigation has been to determine the financial source behind Kim's ownership of approximately 800,000 Wemix coins in 2021, valued at around 6 billion won (US$4.5 million) at that time.

Amid allegations suggesting that Kim acquired the tokens for free through an 'airdrop' from the game industry, the first-term lawmaker refuted the claims in May, stating that he solely utilized Klayswap, an instant swap protocol, and that all transaction records were transparently disclosed, as reported by Yonhap.

As suspicions regarding the source of Kim's substantial cryptocurrency holdings and potential possession of insider information continued to mount, he recently resigned from the main opposition Democratic Party.

Following Upbit, Bithumb raids, the raid on Ozys PTE Ltd. represents a significant development in the ongoing investigation, as authorities seek to uncover the truth behind Rep. Kim Nam-kuk's involvement in the cryptocurrency transactions under scrutiny.

South Korea’s Ruling Party Visits Wemix Issuer

Recently, a delegation of lawmakers from South Korea's ruling People Power Party (PPP) conducted a visit to the office of Wemade, the issuer of play-to-earn (P2E) cryptocurrency. The purpose of the visit, as reported by Yonhap, was to investigate suspicions surrounding the company's potential influence on political figures, particularly related to the provision of Wemix coins at no cost.

The visit by the PPP delegation underscores the seriousness of these allegations and reflects the government's commitment to maintaining transparency and integrity in the political sphere.

As the investigation unfolds, the public and relevant parties await further updates on the progress of the case, eager to ascertain the true nature of Rep. Kim's cryptocurrency transactions and their potential ramifications.

In an ongoing probe into Rep. Kim Nam-kuk's questionable cryptocurrency transactions, prosecutors conducted a raid on Monday at the offices of Ozys PTE Ltd., the operator of the cryptocurrency platform Klayswap, located in Seoul's Yeouido district.

Officials from the Seoul Southern District Prosecutors Office revealed that investigators were dispatched to Ozys PTE Ltd. to seize evidence related to the case, as reported by Yonhap. The primary focus of the investigation has been to determine the financial source behind Kim's ownership of approximately 800,000 Wemix coins in 2021, valued at around 6 billion won (US$4.5 million) at that time.

Amid allegations suggesting that Kim acquired the tokens for free through an 'airdrop' from the game industry, the first-term lawmaker refuted the claims in May, stating that he solely utilized Klayswap, an instant swap protocol, and that all transaction records were transparently disclosed, as reported by Yonhap.

As suspicions regarding the source of Kim's substantial cryptocurrency holdings and potential possession of insider information continued to mount, he recently resigned from the main opposition Democratic Party.

Following Upbit, Bithumb raids, the raid on Ozys PTE Ltd. represents a significant development in the ongoing investigation, as authorities seek to uncover the truth behind Rep. Kim Nam-kuk's involvement in the cryptocurrency transactions under scrutiny.

South Korea’s Ruling Party Visits Wemix Issuer

Recently, a delegation of lawmakers from South Korea's ruling People Power Party (PPP) conducted a visit to the office of Wemade, the issuer of play-to-earn (P2E) cryptocurrency. The purpose of the visit, as reported by Yonhap, was to investigate suspicions surrounding the company's potential influence on political figures, particularly related to the provision of Wemix coins at no cost.

The visit by the PPP delegation underscores the seriousness of these allegations and reflects the government's commitment to maintaining transparency and integrity in the political sphere.

As the investigation unfolds, the public and relevant parties await further updates on the progress of the case, eager to ascertain the true nature of Rep. Kim's cryptocurrency transactions and their potential ramifications.

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