{"id":20942,"date":"2023-05-15T09:33:41","date_gmt":"2023-05-15T09:33:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korean-politician-quits-party-over-crypto-scandal-bitcoin-news\/"},"modified":"2023-05-15T09:33:41","modified_gmt":"2023-05-15T09:33:41","slug":"south-korean-politician-quits-party-over-crypto-scandal-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korean-politician-quits-party-over-crypto-scandal-bitcoin-news\/","title":{"rendered":"South Korean Politician Quits Party Over Crypto Scandal \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A member of the South Korean parliament is leaving his party amid mounting allegations of massive crypto investments inconsistent with his frugal public image. The controversy, which has caught the attention of the Korean society, involves accusations of conflict of interest and other irregularities.<\/strong><\/p>\n

Lawmaker Leaves South Korean Opposition Party Over Crypto Holdings<\/h2>\n

Kim Nam-kuk, a representative in the South Korean National Assembly, announced he will leave his political faction amid a growing scandal surrounding his alleged cryptocurrency dealings. In a Facebook post on Sunday, he wrote:<\/p>\n

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Today, I am briefly leaving the Democratic Party that I love. I decided that it would not be right to be a burden to the party and party members any longer.<\/p>\n<\/blockquote>\n

Kim came under intense scrutiny after revelations that he owned around 800,000 Wemix<\/a> coins in 2021, Yonhap reported. At the time, the digital assets were worth around 6 billion won ($4.5 million), \u201ca significant amount inconsistent with his frugal image,\u201d the news agency noted.<\/p>\n

On Wednesday, the Democratic Party of Korea, the main opposition force in the parliament, urged Kim to sell off the assets, a call that the first-term lawmaker accepted. The party\u2019s ethics committee launched a probe into his coin trading which has been suspended now.<\/p>\n

Korean Legislator Suspected of Conflict of Interest and Insider Crypto Trading<\/h2>\n

The South Korean politician reportedly withdrew all his coins last March, ahead of the enforcement of the so-called \u2018Travel Rule<\/a>\u2019 in the country. It obliges crypto exchanges to report personal information about crypto owners when a transferred amount exceeds a 1 million won.<\/p>\n

Critics have pointed out that Kim Nam-kuk\u2019s crypto holdings may constitute conflict of interest as he was one of the sponsors of a bill proposing to delay income taxation of virtual assets in July 2021. This was approximately six months before he withdrew his coins, Yonhap revealed in an earlier report this week.<\/p>\n

While Kim has maintained that no irregularities were involved in his trading and has disclosed some of his transaction data, Korean media has also highlighted suspicions over the source of the money for his crypto investments and that he allegedly used insider information.<\/p>\n

\u201cI believe I should not cause any kind of harm to the party at this important time,\u201d he also stated on Sunday while vowing to \u201cstand up to the unjust political offensive until the end and uncover the truth.\u201d Kim further noted that as an independent lawmaker he would demand legal accountability over media reports which he claims are based on false facts.<\/p>\n

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Coins<\/a>, controversy<\/a>, Crypto<\/a>, crypto assets<\/a>, Crypto Holdings<\/a>, crypto investments<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Investigation<\/a>, Kim<\/a>, Kim Nam-kuk<\/a>, korea<\/a>, korean<\/a>, lawmaker<\/a>, party<\/a>, politician<\/a>, Resignation<\/a>, scandal<\/a>, South Korea<\/a>, south korean<\/a>, wemix<\/a><\/div>\n<\/div>\n

What are your thoughts on the case with the South Korean politician\u2019s crypto investments? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Kim Nam-kuk<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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