South Korean Prosecutors Launch First Investigation Into Former Lawmaker Kim Nam-kook for Alleged Cryptocurrency Misdealing
South Korean prosecutors have launched their first investigation into former lawmaker Kim Nam-kook (金南国), an investigation into Kim's possible involvement in illegal cryptocurrency trading practices during his tenure as a member of parliament, Yonhap news agency reported. Previously, news that former lawmaker Kim Nam-kook held virtual currencies such as Wemix Coin, Mabrex, and Bora worth as much as 6 billion won ($4.48 million) sparked public suspicion about the source of his investment funds and the use of his money, and he is also suspected of improperly trading on undisclosed information gained from the gaming industry, profiting from the purchase of coins at low prices.
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