South Korean Congressman Jailed For Concealing Crypto Holdings

Key Points:

• South Korean Congressman hid cryptocurrency worth 9.9 billion won, violating asset declaration laws.
• Six-month sentence sought for hiding crypto holdings by falsifying National Assembly reports.

South Korean Congressman sentenced to six months for hiding 9.9 billion won in cryptocurrency, violating public asset declaration obligations in 2021-2022.

South Korean Congressman Concealed Cryptocurrency Worth 9.9 Billion Won

For hiding 9.9 billion won in cryptocurrencies, former legislator Kim Nam-guk is under investigation. Exploring his 2021 and 2022 National Assembly asset filings found undisclosed assets. To cheat reviewers, Kim reportedly moved Bitcoin to bank accounts to violate public office asset disclosure laws.

According to the prosecution, Kim intentionally impeded the National Assembly Ethics Committee probe. Stringent rules are needed to ensure responsibility and transparency in administering public official Bitcoin reserves, according to Donga.

Read more: South Korean Crypto Exchanges Surge With 80% Local Trading Volume

Misreporting 1.2 Billion Won Amid Substantially Higher Holdings

Kim Nam-guk’s 2021 asset statement included 1.2 billion won, significantly less than his bitcoin value. The evidence shows Kim disguised large crypto assets by changing them into coins and depositing the rest in bank accounts. To evade scrutiny from the National Assembly Ethics Committee, this premeditated act.

The prosecution claims such dishonesty violated asset reporting laws and tarnished public authorities. Defining smaller assets let Kim avoid public responsibility, prompting calls for stricter financial disclosure laws.