A politician leaves his party over a cryptocurrency scandal

The representative of the National Assembly of South Korea declared, Kim Nam-kukannounced that he was leaving his political faction amid a growing scandal surrounding his alleged cryptocurrency deals, in a Facebook post, writing:

Also read: South Korea is gearing up for the biggest blockchain event in 2023

“Today, I am leaving the Democratic Party that I love for a little while. I have decided that it would not be right for me to be a burden to the party and its members any longer.”

As reported by the agency Yonhapthat Kim Kim He came under intense scrutiny after it was revealed that he possessed about 800,000 coins Wemix in 2021.

The value of the digital assets at the time was around six billion won ($4.5 million), a large sum that belied his public image, the news agency reported.

In turn, the Democratic Party of South Korea (the main opposition force in Parliament) discussed Kim On the sale of those assets, a call accepted by the deputy in the first term, the party’s ethics committee also launched an investigation into currency trading, which has now been suspended.

South Korea: A politician leaves his party over a cryptocurrency scandal

Suspected conflict of interest and cryptocurrency insider trading

The South Korean politician withdrew all of his coins last March, ahead of the country’s so-called “travel rule” in which cryptocurrency exchanges are required to report personal information of cryptocurrency holders when the amount transferred exceeds 1 million won.

Critics have pointed out that holdings Kim Nam-kuk cryptocurrency, may constitute a conflict of interest, as he was a co-sponsor of a bill proposing to delay income tax on virtual assets in July 2021.

Although Kim He confirmed that there were no irregularities in his trading, and revealed some of his transaction data, however, Korean media highlighted suspicions about the source of funds for his cryptocurrency investments, and that he used inside information.

where he said Kim Sunday:

“I believe that I should not cause any kind of harm to the party at this important time, and I pledge to stand against the unjust political attack to the end and expose the truth.”

Also read: South Korea: Freezing $175 million of the assets of “Terraform Labs”

pointed out Kim He also indicated that, as an independent legislator, he would demand legal accountability regarding media reports, which he claims are based on false facts.

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