South Korean prosecutors seek 6 months for lawmaker who allegedly hid crypto
National Assembly member Kim Nam-kuk left South Korea’s Democratic Party in 2023 after allegations of cashing out $4 million in crypto holdings.
Kim Nam-kuk, a member of South Korea’s National Assembly, could be sentenced to six months in prison for allegedly not reporting all his cryptocurrency holdings to the government.
According to a Dec. 18 report from South Korean news outlet Dong-A Ilbo, prosecutors in Kim’s case requested a six-month prison sentence for the lawmaker, who is currently on trial in Seoul.
Kim allegedly reported his total assets at 1.2 billion Korean won — roughly $834,356 at the time of publication — in 2021 despite owning 9.9 billion in digital assets, and also concealed 990 million won worth of crypto holdings in 2022.
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Author: Turner Wright
