Ex-member of South Korea’s Democratic Social gathering imprisoned for concealing 10 billion received in cryptocurrency belongings.
Kim Nam-kook, a former legislator for the Democratic Social gathering of Korea, was discovered responsible of hiding cryptocurrency holdings whereas he was a member of the Nationwide Meeting and was given a jail sentence of six months. The choice was made on the morning of Oct. 28, 2024, at Kim’s trial within the Southern District Court docket in Yangcheon-gu, Seoul.
Kim was charged with altering some of his cryptocurrency deposits into financial institution accounts to correspond with the claimed whole belongings whereas changing the relaxation of the funds again into cryptocurrency to hinder the NationalAssembly Ethics Committee’s investigation of property modifications.
He reportedly used this technique to conceal vital cryptocurrency funding earnings from 2021 and 2022 asset stories.
The estimated 10 billion received value of cryptocurrencies held by the previous politician got here underneath intense scrutiny from the general public, sparking questions on transparency and accountability within the authorities. In a case that has garnered a variety of curiosity in South Korea, Kim’s punishment represents a big transfer.
The case brings to mild present discussions round asset disclosure legal guidelines and the ethical obligations of public servants in terms of overseeing investments, particularly in growing monetary markets resembling cryptocurrency.
