South Korean Politicians Accuse Each Other of Crypto Misconduct Ahead of Election

Tim Alper

Last updated:

| 2 min read

South Korean Politicians Accused of Crypto Wrongdoings Ahead of Election

South Korean politicians are accusing one another of crypto-related wrongdoings ahead of parliamentary elections in the nation on April 10.

The country will go to the polls in just over a week to elect members of the National Assembly.

The parliament is currently dominated by the Democratic Party. But President Yoon Seok-yeol’s People’s Power Party is hoping to secure a victory. Pollsters are predicting a tight race.

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

South Korean Politicians ‘Mudslinging’ Ahead of April 10 Vote

Media outlets in the East Asian country have accused politicians of “mudslinging” in the lead-up to the election.

A table showing voting intention for parliamentary elections by South Korean province in 2024.

And many of these “mudslinging” allegations center around the sensitive subject of crypto.

Many of these allegations stem from mandatory public crypto disclosures. These disclosures were made public in late March.

The disclosures revealed that several major public figures – including some of the nation’s most senior judges – hold Bitcoin and altcoins.

Lawmakers and National Assembly candidates were also legally required to submit disclosures.

And, per Jose Ilbo, People’s Power representatives were keen to point out on April 1 that Suwonjeong, Gyeonggi Province’s Democratic Party candidate Kim Jun-hyuk, has considerable BTC holdings.

Kim’s declaration revealed he is holding at least $84,000 worth of Bitcoin. A senior People’s Power official asked rhetorically if it was “proper” for a political candidate to own so much crypto while Coin Gate investigations continue.

The People’s Power Party called on Kim to step down. The party claimed that Kim had also failed to disclose farmland holdings.

The outspoken Kim has claimed that President Yoon’s “overly obedient” relationship with Washington could bring South Korea to the brink of war.

South Korea’s ruling conservative party took the top spot in support in a major poll released before nationwide elections

— Bloomberg (@business) March 29, 2024

Crypto on Agenda as Nation Prepares to Vote

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

Here, Democratic Party candidate Kim Do-gyun hit out at his opponent, the People’s Power Party candidate Lee Yang-soo, over the latter’s 2021 “coin investments.”

Details of the transaction have come to light in recent days. Kim Do-gyun argued that Lee had allegedly registered the investments “in his son’s name.”

Kim Do-gyun added that Lee’s son now owned “dozens” of different cryptoassets, which were now worth over $18,200.

And Kim Do-gyun claimed the investment had been speculative and said his party was launching a “public inquiry” into Lee’s alleged wrongdoing.

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

— Bloomberg Crypto (@crypto) March 27, 2024

But Lee hit back at Kim Do-gyun, claiming that a firm named IBP had also “issued cryptoassets.”

Lee pointed out that Kim Do-gyun was the “majority shareholder” and a co-founder of IBP, a company that reportedly launched its own cryptoasset in 2019.

Additionally, Lee claimed that details of the IBP token issuance were unclear. He argued that Kim Do-gyun should issue an “explanation.”

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