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South Korea Crypto Exchanges Upbit And Bithumb Probed Over Lawmaker’s Scandal
On Monday, a local news outlet reported that South Korea’s Upbit and Bithumb crypto exchanges are under investigation by the Seoul Southern District Prosecutors Office over suspicions concerning lawmaker Kim Nam-kuk’s digital assets.
Officials said they are currently investigating whether Kim used insider information to acquire his massive digital assets worth around $4.5 million and to find out their origin. As part of the probe, prosecutors raided Upbit and Bithumb earlier today and seized transaction records and other materials.
Opposition Lawmaker’s Scandal
The investigation has caused a stir, with many questioning the source of Kim’s digital assets. And how he managed to accumulate such a significant amount of money. Accusers have alleged that Kim, a first-term lawmaker, owns around 800,000 Wemix coins.
The report deemed this amount inconsistent with his frugal image. Additionally, Kim faces accusations of trading cryptocurrency assets while attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year.
Notably, Upbit and Bithumb are two major South Korea’s largest crypto exchanges. But this is not the first time they have come under scrutiny.
In 2018, Upbit was investigated over allegations of fraud after it was accused of inflating its balance sheets. However, the exchange was later cleared of any wrongdoing.
Bithumb, on the other hand, was hacked twice in 2018. The hack resulted in the loss of millions of dollars worth of crypto.
South Korea Stance On Crypto
South Korea has since been a major player in the world of crypto. However, the country has been taking a more cautious approach toward the regulation of digital assets in recent years.
In February, South Korea’s Financial Services Commission (FSC) announced new rules for cryptocurrencies. The rules required all virtual asset service providers to register with the agency and comply with strict anti-money laundering regulations. The move was seen as a step toward greater regulatory clarity and oversight in the crypto industry.
Despite the tighter regulations, South Korea remains a hub for cryptocurrency activity, with some of the world’s largest crypto exchanges, such as Bithumb and Upbit, based in the country. However, the government has also been cracking down on illegal crypto-related activities, including fraud and money laundering.
It is worth noting the recent investigation into Upbit and Bithumb is likely to have an impact on the country’s cryptocurrency industry. This is because the two exchanges account for a significant portion of the country’s trading volume.
The outcome of the investigation could also serve as a warning to other exchanges to be vigilant and comply with regulations to prevent fraudulent activities.
In addition to regulatory efforts, South Korea is also exploring the potential of blockchain technology to improve various sectors, such as finance, healthcare, and logistics. The country has launched several blockchain initiatives and projects, including a government-backed pilot program to track beef exports using blockchain technology.
While South Korea remains a key player in the global crypto landscape, it is also taking a measured and cautious approach to regulating the industry to ensure investor protection and prevent illicit activities.
Regardless of the increased regulations in the crypto industry, the global crypto market has maintained composure. Over the past 24 hours, the global crypto market capitalization has surged nearly 2% with a value looking to reclaim the previously recorded $1.2 trillion.
Featured image from, Chart from TradingView.com
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SUI Plummets Over 30% As Trading Goes Live On Exchanges, What Went Wrong?
SUI, one of the long-awaited blockchain token projects in the crypto community, finally launched earlier today. However, contrary to expectations, SUI has recorded a significant plunge in price as the trading went live on multiple exchanges.
Over the past 4 hours since its launch, the token has declined by more than 30%. This price action disappointed traders who expected the token to only record a continuous upward trend following its launch, as often happens during these events.
Trading Goes Live On Exchanges
The token is now live on major exchanges in the crypto market, such as Binance, KuCoin, ByBit, and so on. The token can now be bought and sold against other cryptocurrencies and fiat currencies, including Bitcoin, USDT, TUSD, EUR, BNB, and TRY.
According to a Binance blog post about the SUI listing, traders will not pay maker fees on SUI/USDT until further announcements.
Chinese crypto journalist Colin Wu reported that the official team behind the SUI coin has demanded that exchanges should not launch SUI-based perpetual futures contracts. However, exchanges, including, Bybit, OKX, and KuCoin, launched several SUI trading pairs.
SUI Plunges Over 30%
Interestingly, the token has declined by over 30% following its trading launch on various crypto exchanges after its initial surge of over 1,000% at launch. The newborn asset currently trades for $1.53 at the time of writing down by 35%.
SUI currently has a 24-low of $1.33 and a 24-high of $3.34, according to data from CoinMarketCap. Regardless of the market decline, the asset’s trading volume is still up and at a value of nearly $1 million, according to CoinMarketCap.
SUI is a blockchain project that aims to create a decentralized platform for secure and efficient data storage and management. It was launched in 2020 by a team of blockchain experts who sought to address the limitations of traditional data storage systems, such as high costs, centralization, and vulnerability to cyber threats.
The blockchain is based on a Proof-of-Stake (PoS) consensus mechanism, which allows users to stake their tokens to participate in the network’s validation process and earn rewards for their contributions.
Though several factors could be tied to the plummet in SUI following its launch on exchanges. However, a few reasons could be the supply and demand dynamics and traders’ and investors’ disappointment.
When a new crypto launches on an exchange, there may be an influx of sell orders as early investors and traders try to take profits. In SUI’s case, those who bought at presale for a low price and public sale may have sold to take a profit.
And if the buying pressure is not strong enough to absorb these sell orders, the price is bound to drop. In addition, some traders and investors may have speculated on the token’s price before its launch on exchanges.
This may have led to inflated and expanded expectations. When the price of SUI failed to meet those expectations, some may have sold off their holdings, contributing to the downward pressure on the price.
Featured image from Unsplash, Chart from TradingView
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