On Friday, a delegation of lawmakers from
South Korea’s ruling Folks Energy Celebration (PPP) carried out a go to to the workplace of Wemade, the
issuer of play-to-earn (P2E) cryptocurrency, Wemix. The go to is a part of an ongoing investigation into the crypto holdings of Kim Nam-kuk, former opposition occasion and now-independent lawmaker, native media Yonhap reviews.
Kim reportedly had about 800,000 WEMIX cash value about six billion gained ($4.5 million) in his crypto pockets between January and February 2022. The lawmaker is alleged to have withdrawn his coin holding earlier than South Korea applied international anti-cash laundering physique Monetary Motion Process Drive’s (FAFT) journey rule in March final yr. The rule calls for that crypto exchanges file and report private knowledge on transactions that exceed a sure threshold.
South Korean prosecutors beforehand stated they failed at securing a warrant to look at the lawmaker’s monetary information. Nevertheless, prosecutors earlier within the week raided Upbit and Bithumb, two native cryptocurrency exchanges the place Kim is claimed to have maintained his digital wallets.
On Sunday, the embattled lawmaker resigned from the primary opposition Democratic Celebration, forcing the occasion to droop their ethics inquiry and fact-finding probe into Kim’s actions. In response, PPP disclosed plans to launch an inside activity power to investigation the previous opposition lawmaker.
Maintain Studying
Within the newest information from PPP, the ruling occasion’s particular investigative staff,
which consists of occasion representatives Kim Sung-won, Yun Chang-hyun, Park
Hyeung-soo, and Choi Hyung-du and a gaggle of exterior specialists, held
a gathering with Chang Hyun-guk, CEO of Wemade Co. The assembly was held on the crypto issuer’s headquarters
and sought to assemble essential data pertaining to alleged crypto transfers made by Kim.
Yonhap reviews that the go to to Wemade’s
workplace was prompted by suspicions that the corporate could have influenced Kim
by way of the availability of Wemix cash to him for gratis, with the expectation of
having fun with his legislative help for the P2E trade. Nevertheless, Chang denied the allegation, stating
that his firm by no means offered free Wemix cash to Kim by way of airdrops or
personal gross sales.
Moreover, the CEO famous that it could be almost “unattainable”
to deposit the 800,000 Wemix cash attributed to Kim by way of such strategies.
On Friday, a delegation of lawmakers from
South Korea’s ruling Folks Energy Celebration (PPP) carried out a go to to the workplace of Wemade, the
issuer of play-to-earn (P2E) cryptocurrency, Wemix. The go to is a part of an ongoing investigation into the crypto holdings of Kim Nam-kuk, former opposition occasion and now-independent lawmaker, native media Yonhap reviews.
Kim reportedly had about 800,000 WEMIX cash value about six billion gained ($4.5 million) in his crypto pockets between January and February 2022. The lawmaker is alleged to have withdrawn his coin holding earlier than South Korea applied international anti-cash laundering physique Monetary Motion Process Drive’s (FAFT) journey rule in March final yr. The rule calls for that crypto exchanges file and report private knowledge on transactions that exceed a sure threshold.
South Korean prosecutors beforehand stated they failed at securing a warrant to look at the lawmaker’s monetary information. Nevertheless, prosecutors earlier within the week raided Upbit and Bithumb, two native cryptocurrency exchanges the place Kim is claimed to have maintained his digital wallets.
On Sunday, the embattled lawmaker resigned from the primary opposition Democratic Celebration, forcing the occasion to droop their ethics inquiry and fact-finding probe into Kim’s actions. In response, PPP disclosed plans to launch an inside activity power to investigation the previous opposition lawmaker.
Maintain Studying
Within the newest information from PPP, the ruling occasion’s particular investigative staff,
which consists of occasion representatives Kim Sung-won, Yun Chang-hyun, Park
Hyeung-soo, and Choi Hyung-du and a gaggle of exterior specialists, held
a gathering with Chang Hyun-guk, CEO of Wemade Co. The assembly was held on the crypto issuer’s headquarters
and sought to assemble essential data pertaining to alleged crypto transfers made by Kim.
Yonhap reviews that the go to to Wemade’s
workplace was prompted by suspicions that the corporate could have influenced Kim
by way of the availability of Wemix cash to him for gratis, with the expectation of
having fun with his legislative help for the P2E trade. Nevertheless, Chang denied the allegation, stating
that his firm by no means offered free Wemix cash to Kim by way of airdrops or
personal gross sales.
Moreover, the CEO famous that it could be almost “unattainable”
to deposit the 800,000 Wemix cash attributed to Kim by way of such strategies.
