'Wemix Fraud Allegation' Case Assigned to Kim Nam-guk Investigation Team

The fraud suspicion case involving WEMIX, a cryptocurrency associated with independent lawmaker Kim Nam-guk, has been assigned to the prosecution investigation team currently investigating Kim's 'cryptocurrency investment suspicion.'

[Image source=Yonhap News]

According to the prosecution on the 16th, the Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Jun-dong) has taken charge of the investigation into fraud and violations of the Capital Markets Act by Jang Hyun-guk, CEO of Wemade. The Criminal Division 6 is a department specializing in corruption crimes of high-ranking public officials and election crimes.

More than 20 investors of WEMIX, issued by Wemade, submitted a complaint against CEO Jang to the Seoul Southern District Prosecutors' Office on the 11th. They claim that Wemade caused damage to investors by providing false information during the issuance and sale process of WEMIX.

The Criminal Division 6 is also investigating lawmaker Kim's cryptocurrency investment suspicions. Kim is suspected of holding a large amount of cryptocurrency from unknown sources. WEMIX is also related to this suspicion.

The prosecution conducted raids on domestic cryptocurrency exchanges Upbit and Bithumb, as well as Kakao's blockchain affiliates, the day before. It is reported that through these raids, the prosecution secured Kim's cryptocurrency transaction records.

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