{"id":13468,"date":"2023-05-25T03:23:13","date_gmt":"2023-05-25T07:23:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/south-korean-prosecution-vows-to-review-crypto-sector-as-scandal-intensifies\/"},"modified":"2023-05-25T03:23:14","modified_gmt":"2023-05-25T07:23:14","slug":"south-korean-prosecution-vows-to-review-crypto-sector-as-scandal-intensifies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13468","title":{"rendered":"South Korean Prosecution Vows to \u2018Review\u2019 Crypto Sector as Scandal Intensifies"},"content":{"rendered":"
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South Korea\u2019s Prosecutor-General has promised a \u201cthorough review\u201d of the crypto sector amid rising \u201cpublic suspicion\u201d about politicians and their crypto holdings.<\/p>\n

Per Yonhap, Prosecutor-General Lee Won-seok said his agency would \u201cfaithfully investigate\u201d the sector.<\/p>\n

And he pledged to \u201cresolve public suspicions about cryptoassets.\u201d<\/p>\n

Lawmakers and prosecutors are attempting to fight a wave of outcry sparked by the Coin Gate scandal.<\/p>\n

Earlier this month, a leading MP was reportedly found to have traded coins with \u201cinsider knowledge\u201d of forthcoming crypto regulations.<\/p>\n

A range of other allegations has also been made about the MP, Kim Nam-kuk.<\/p>\n

But some feel Kim may not be the only lawmaker to have alleged crypto-related secrets.<\/p>\n

Lee distanced himself from crypto, saying:<\/p>\n

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\u201cI have never owned stocks or cryptoassets. That will not change in the future.\u201d<\/p>\n<\/blockquote>\n

Speaking to media representatives outside the Suwon District Prosecutor\u2019s Office, Lee said that prosecutors would tackle issues such as \u201ctoken listings on exchanges.\u201d<\/p>\n

Several leading crypto exchange officials have this year been charged with price manipulation.<\/p>\n

It has emerged they allegedly took bribes in exchange for listing tokens on their platforms.<\/p>\n

In South Korea, altcoin prices tend to spike sharply when news of listing on a major domestic platform is announced.<\/p>\n

Some are thought to have artificially engineered these spikes by paying officials to fast-track their coins\u2019 listing processes.<\/p>\n

South Korean Prosecution Responding to Crypto Scandal?<\/h2>\n

Lee pledged to investigate crypto-related \u201cinvestment problems.\u201d<\/p>\n

And he said he would resolve a range of crypto-related \u201cspeculation problems.\u201d<\/p>\n

Seoul has also been rocked by allegations that senior lawmakers oversaw crypto-powered \u201cremittances\u201d to North Korea-linked parties.<\/p>\n

Lee claimed that he would be guided by \u201cthe evidence\u201d available and \u201cdeal\u201d with possible legal infringements \u201caccording to the law.\u201d<\/p>\n

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The Prosecutor-General further claimed that prosecutors would continue to tackle the \u201cdrug problem.\u201d<\/p>\n

President Yoon Seok-yeol last month declared \u201call-out war\u201d on crypto-powered drug trafficking as an increasing number of narcotics-trading teens have been handed jail sentences.<\/p>\n

Public figures have called on all lawmakers and regulators to declare their crypto holdings.<\/p>\n<\/p><\/div>\n