🧵 1/3: South Korean exchanges Upbit and Bithumb were raided by prosecutors over lawmaker Kim Nam-kuk's digital asset wallets. Kim resigned amid allegations of selling millions in crypto before new laws were enforced. #politics
🧵 1/3: South Korean exchanges Upbit and Bithumb were raided by prosecutors over lawmaker Kim Nam-kuk's digital asset wallets. Kim resigned amid allegations of selling millions in crypto before new laws were enforced. #politics
🧵 2/3: Kim backed a bill that deferred the 20% capital gains tax on cryptocurrencies. A Korea Times report alleged he liquidated over $4 million in crypto before the "Travel Rule" was enforced.
🧵 3/3: Bithumb, where Kim allegedly held his funds, has been under close watch by local regulators. Kim claimed he didn't cash out but moved his assets. He owned around $4.5 million worth of Wemix coins in 2021.
🧵 Read more at: https://cointelegraph.com/news/south-korean-authorities-raid-upbit-bithumb-crypto-exchanges-after-political-scandal
What did their new laws to be enforced all about? will it ffect the crypto in South Korea.