A member of South Korea’s parliament is leaving his party amid accusations of massive crypto investments that don’t match his image of public integrity.
Kim Nam-kuk , a delegate to the National Assembly of South Korea, announced he is leaving his Party amid the growing scandal surrounding his cryptocurrency transactions.
In a Facebook post on Sunday, he wrote:
Today, I will be leaving the Democratic Party that I love for a short time. I decided not to burden the party.
Kim came under close scrutiny after it was revealed that he owned around 800,000 Wemix coins by 2021. At the time, the digital asset was worth about 6 billion won ($4.5 million), “a the amount does not match his image of integrity ,” Yonhap news agency noted.
On Wednesday, the Democratic Party of Korea, the main opposition party in parliament, called on Kim to sell off his assets. The party’s ethics committee has launched an investigation into his crypto business.
The South Korean politician is said to have withdrawn all of his funds in March of last year, before crypto exchanges were required to report personal information about crypto owners when the funds were withdrawn. transferred in excess of 1 million won.
Critics have pointed out that Kim Nam-kuk’s crypto holdings could pose a conflict of interest as he is one of the supporters of a bill that proposes to delay income tax on assets virtual production in July 2021.
Although Kim insists that there are no irregularities related to his transactions and has revealed some of his transaction data, Korean media also raised doubts about the source of funds for the investments. his electronic money.