{"id":90396,"date":"2024-04-02T00:05:39","date_gmt":"2024-04-02T04:05:39","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90396"},"modified":"2024-04-02T00:05:40","modified_gmt":"2024-04-02T04:05:40","slug":"south-korean-politicians-accuse-each-other-of-crypto-misconduct","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90396","title":{"rendered":"South Korean Politicians Accuse Each Other of Crypto Misconduct"},"content":{"rendered":"
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South Korean politicians are accusing one another of crypto-related wrongdoings ahead of parliamentary elections in the nation on April 10.<\/p>\n

The country will go to the polls in just over a week to elect members of the National Assembly.<\/p>\n

The parliament is currently dominated by the Democratic Party. But President Yoon Seok-yeol\u2019s People\u2019s Power Party is hoping to secure a victory. Pollsters are predicting a tight race.<\/p>\n

But with crypto-related scandals like Coin Gate still raging, candidates have alleged that their opponents are holding on to secret crypto stashes.<\/p>\n

South Korean Politicians \u2018Mudslinging\u2019 Ahead of April 10 Vote<\/h2>\n

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Media outlets in the East Asian country have accused politicians of \u201cmudslinging\u201d in the lead-up to the election.<\/p>\n<\/p>\n

And many of these \u201cmudslinging\u201d allegations center around the sensitive subject of crypto.<\/p>\n

Many of these allegations stem from mandatory public crypto disclosures. These disclosures were made public in late March.<\/p>\n

The disclosures revealed that several major public figures \u2013 including some of the nation\u2019s most senior judges \u2013 hold Bitcoin and altcoins.<\/p>\n

Lawmakers and National Assembly candidates were also legally required to submit disclosures.<\/p>\n

And, per Jose Ilbo, People\u2019s Power representatives were keen to point out on April 1 that Suwonjeong, Gyeonggi Province\u2019s Democratic Party candidate Kim Jun-hyuk, has considerable BTC holdings.<\/p>\n

Kim\u2019s declaration revealed he is holding at least $84,000 worth of Bitcoin. A senior People\u2019s Power official asked rhetorically if it was \u201cproper\u201d for a political candidate to own so much crypto while Coin Gate investigations continue.<\/p>\n

The People\u2019s Power Party called on Kim to step down. The party claimed that Kim had also failed to disclose farmland holdings.<\/p>\n

The outspoken Kim has claimed that President Yoon\u2019s \u201coverly obedient\u201d relationship with Washington could bring South Korea to the brink of war.<\/p>\n

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South Korea\u2019s ruling conservative party took the top spot in support in a major poll released before nationwide elections https:\/\/t.co\/Y0DlXNWRhL<\/p>\n

\u2014 Bloomberg (@business) March 29, 2024<\/a><\/p>\n<\/blockquote>\n

Crypto on Agenda as Nation Prepares to Vote<\/h2>\n

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Elsewhere, Jeonguk Maeil Shinmun reported on a crypto-related spat between rival candidates in the Sokcho, Goseong, Inje, and Yangyang constituency.<\/p>\n

Here, Democratic Party candidate Kim Do-gyun hit out at his opponent, the People\u2019s Power Party candidate Lee Yang-soo, over the latter\u2019s 2021 \u201ccoin investments.\u201d<\/p>\n

Details of the transaction have come to light in recent days. Kim Do-gyun argued that Lee had allegedly registered the investments \u201cin his son\u2019s name.\u201d<\/p>\n

Kim Do-gyun added that Lee\u2019s son now owned \u201cdozens\u201d of different cryptoassets, which were now worth over $18,200.<\/p>\n

And Kim Do-gyun claimed the investment had been speculative and said his party was launching a \u201cpublic inquiry\u201d into Lee\u2019s alleged wrongdoing.<\/p>\n

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A risky ETF in the US that aims to deliver twice the daily performance of short-term CME Bitcoin futures is seeing strong demand from Korean investors https:\/\/t.co\/Zf9Fyye2Rg<\/p>\n

\u2014 Bloomberg Crypto (@crypto) March 27, 2024<\/a><\/p>\n<\/blockquote>\n

But Lee hit back at Kim Do-gyun, claiming that a firm named IBP had also \u201cissued cryptoassets.\u201d<\/p>\n

Lee pointed out that Kim Do-gyun was the \u201cmajority shareholder\u201d and a co-founder of IBP, a company that reportedly launched its own cryptoasset in 2019.<\/p>\n

Additionally, Lee claimed that details of the IBP token issuance were unclear. He argued that Kim Do-gyun should issue an \u201cexplanation.\u201d<\/p>\n<\/p><\/div>\n