South Korean prosecutors have searched the offices of two major cryptocurrency exchanges, Upbit and Bithumb, as part of an investigation into alleged insider trading by a former lawmaker.
The former lawmaker, Kim Byung-joon, is accused of using inside information to make profits from cryptocurrency trades. He is alleged to have received tips from an Upbit employee about upcoming listings of new cryptocurrencies.
Prosecutors are also investigating whether Kim used his position as a lawmaker to pressure Upbit and Bithumb to list certain cryptocurrencies.
The investigation into Kim is part of a broader crackdown on insider trading in the cryptocurrency market. In recent months, South Korean authorities have arrested and charged several people with insider trading in cryptocurrencies.
The crackdown on insider trading in the cryptocurrency market is a sign that South Korean authorities are taking the issue seriously. The cryptocurrency market is still in its early stages of development, and it is important to ensure that it is not used for illegal activities.
The investigation into Kim is also a sign that South Korean authorities are willing to investigate high-profile individuals. Kim is a former lawmaker and is a well-known figure in South Korea. The fact that prosecutors are investigating him shows that they are not afraid to go after anyone who is suspected of wrongdoing.