A member of the South Korean parliament is leaving his party amid mounting allegations of massive crypto investments inconsistent with his frugal public image. The controversy, which has caught the attention of the Korean society, involves accusations of conflict of interest and other irregularities.
Lawmaker Leaves South Korean Opposition Party Over Crypto Holdings
Kim Nam-kuk, a representative in the South Korean National Assembly, announced he will leave his political faction amid a growing scandal surrounding his alleged cryptocurrency dealings. In a Facebook post on Sunday, he wrote:
Today, I am briefly leaving the Democratic Party that I love. I decided that it would not be right to be a burden to the party and party members any longer.
Kim came under intense scrutiny after revelations that he owned around 800,000 Wemix coins in 2021, Yonhap reported. At the time, the digital assets were worth around 6 billion won ($4.5 million), “a significant amount inconsistent with his frug
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