South Korean Politicians Are Accusing Each Other of Crypto Misbehavior Ahead of the Election
2 minute read
South Korean politicians are accusing each other of cryptocurrency-related misconduct ahead of the country’s April 10 general election.
The country will go to polls in just over a week to elect members of the National Assembly.
Parliament is currently dominated by the Democratic Party. But President Yoon Seok-yeol’s People’s Power Party is hoping for a victory. Pollsters predict a close race.
However, as crypto-related scandals like Coin Gate continue to rage, candidates have claimed that their opponents are holding on to secret crypto stash.
South Korean politicians ‘polluting’ ahead of April 10 vote
Media in the East Asian country have accused politicians of ‘polluting’ ahead of the election.
Many of these “smear allegations” revolve around the sensitive topic of crypto.
Many claims are based on mandatory crypto disclosures. These revelations were made public at the end of March. These revelations showed that many prominent public figures, including judges and politicians, own Bitcoins and altcoins. Disclosures were required by law for candidates and members of the National Assembly. According to Jose Ilbo’s report, on April 1, People Power officials were keen to highlight that Suwonjeong Democratic Party candidate Kim Jun-hyuk of Gyeonggi Province has significant BTC holdings.
Kim stated that he owns at least $84,000 worth of Bitcoin. A senior People’s Power official rhetorically asked whether it was “appropriate” for a candidate to own so much cryptocurrency while the Coin Gate investigation is ongoing.
People’s Power Party demanded Kim’s resignation. The party said Kim also did not disclose ownership of farmland.
Kim, known for his outspokenness, said President Yoon’s “overly obedient” relationship with Washington could push South Korea into war.
South Korea’s ruling Conservative party took the top spot in support in a major poll released ahead of nationwide elections https://t.co/Y0DlXNWRhL
— Bloomberg (@business) March 29, 2024
Crypto on on the agenda as the nation prepares to vote
Elsewhere, Jeonguk Maeil Shinmun reported on a crypto-related dispute between rival candidates in Sokcho, Goseong, Inje and Yangyang constituencies.
Democratic Party candidate Kim Dogyun attacked his People Power Party opponent Lee Yang-soo over his 2021 “coin investments.”
The details of the transaction have been announced in recent days. Kim Dogyun claimed that Lee registered the investments in his son’s “name.”
Kim Dogyun said that Lee’s child now owns “dozens” of different cryptoassets, now worth over $18,200. Kim Do-gyun said the investment was speculative and his party would launch a ”public investigation” into Lee’s alleged wrongdoing.
A risky US-based ETF aimed at delivering twice the daily performance of short-term CME Bitcoin futures is seeing strong demand from Korean investors https://t.co/Zf9Fyye2Rg
– Bloomberg Crypto ( @crypto ) March 27, 2024
But Lee hit back at Kim Do-gyun, claiming that a company called IBP had also “issued cryptoassets.”
Lee pointed out that Kim Do-gyun was the “majority shareholder” and co-founder of IBP, a company that reportedly launched its own crypto asset in 2019. Lee also claimed that the details of IBP’s token issuance were unclear. He argued that Kim Do-gyun should provide an “explanation.”
rnrn
