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South Korean Politicians Accused of Crypto Wrongdoings
As the parliamentary elections in South Korea approach on April 10, politicians are embroiled in accusations of crypto-related misconduct.
The nation is gearing up to elect members of the National Assembly, with the Democratic Party currently holding dominance. However, President Yoon Seok-yeol’s People’s Power Party is vying for a victory, amidst predictions of a closely contested race.
Allegations of Secret Crypto Stashes
Amidst ongoing scandals like Coin Gate, candidates have been pointing fingers at each other, alleging the possession of undisclosed crypto holdings.
Media reports in South Korea have described the situation as a “mudslinging” affair, with many accusations revolving around crypto matters.
Public Crypto Disclosures and Controversies
Recent mandatory public disclosures unveiled that prominent figures, including senior judges, hold significant amounts of Bitcoin and altcoins. Lawmakers and National Assembly candidates were also required to make these disclosures.
For instance, a Democratic Party candidate, Kim Jun-hyuk, was revealed to possess at least $84,000 worth of Bitcoin. The People’s Power Party called for Kim’s resignation, citing his crypto holdings and alleged failure to disclose other assets.
Crypto Controversies in Various Constituencies
Reports have emerged of crypto-related disputes between candidates in different constituencies:
Sokcho, Goseong, Inje, and Yangyang Constituency
A clash between Democratic Party candidate Kim Do-gyun and People’s Power Party candidate Lee Yang-soo unfolded over the latter’s 2021 coin investments. Kim accused Lee of registering investments in his son’s name, resulting in significant crypto holdings now valued at over $18,200.
Lee retaliated by highlighting Kim’s involvement in a firm, IBP, which issued cryptoassets. He demanded clarity on the IBP token issuance and urged Kim to provide an explanation.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
