Court Rejects Kim Nam-guk's 'Coin Tracking Warrants' Twice Last Year

The prosecution reportedly filed search warrants twice in connection with Democratic Party lawmaker Kim Nam-guk's cryptocurrency suspicions, but both were rejected by the court, as of the 10th.

Kim Nam-guk, Member of the Democratic Party of Korea [Image source=Yonhap News]

The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Dong-jun) requested search warrants twice at the end of October and early November last year to trace the origin of the WEMIX coins in Kim's electronic wallet and the flow of funds before and after the transactions.

The prosecution planned to verify whether there were clear circumstances warranting a full investigation after receiving suspicious transaction details and related data about Kim's coins from the Financial Intelligence Unit (FIU). However, with both search warrants rejected, the investigation has been effectively suspended for half a year.

In the cryptocurrency industry, suspicions have been raised that Kim held '1.2 million WEMIX coins,' more than the initially reported 800,000 coins.

On the same day, the Democratic Party recommended that Kim sell the cryptocurrencies he currently holds and decided to form an internal investigation team to determine whether there were any issues during the acquisition process and to launch a fact-finding investigation.

Kim explained that all transactions were conducted transparently and voluntarily requested an investigation.

In a post on Facebook that day, Kim said, "I request a stronger and more thorough fact-finding investigation including external experts," and added, "I will accept all investigative teams and verification methods formed by the party."

This content was produced with the assistance of AI translation services.