South Korean lawmaker accused of receiving cryptocurrency as illegal bribes! Profits of up to 6 billion Korean won in WEMIX tokens

This indicates its use of legislative powers to conceal its personal gains in cryptocurrency assets.

South Korean Lawmaker Transfers Crypto Funds Before Regulatory Legislation

According to local media reports, former South Korean Democratic Party member Kim Nam-guk is facing accusations from prosecutors due to potential conflicts of interest and controversies arising from his significant investments in cryptocurrencies.

The lawmaker is suspected of engaging in suspicious cryptocurrency transactions between February and March 2022, during which he withdrew 800,000 WEMIX tokens, totaling approximately 6 billion Korean won (valued at around 4.54 million USD at the time).

However, on March 25, 2022, South Korea implemented crypto travel rules requiring KYC identity verification for cryptocurrency transactions. Interestingly, the lawmaker had already transferred all his crypto assets before the enactment of this law.

Kim Nam-guk denies all suspicions and accusations, claiming that most of his crypto assets were not cashed out but transferred to another exchange. The exchange subsequently reported the suspicious transactions to the South Korean financial intelligence agency and notified prosecutors, who are currently investigating the case.

Mayor Hong Joon-pyo of Daegu stated that Kim Nam-guk was one of the individuals who delayed the implementation of crypto taxes through legislative voting:

Kim Nam-guk's Hypocritical Image Sparks Public Outrage

Lee Chung-pye, a member of the Seoul People's Power Committee, filed a lawsuit with the Supreme Prosecutors' Office on the 9th, accusing Kim Nam-guk of violating the Political Fund Act and the Capital Market Act, as well as accepting bribes. Authorities have obtained data on suspicious transactions from the South Korean Financial Intelligence Unit (FIU) and are assessing the presence of any illegal activities.

Kim Nam-guk, who previously positioned himself as a "pitiful" politician who stood with socially vulnerable groups, faced public condemnation for his hypocritical image. Many criticized him for repeatedly delaying the implementation of crypto taxes and using ambiguous attitudes and attire to garner sympathy.

In response to the allegations, Kim Nam-guk stated:

I have not borrowed money or received money (for cryptocurrency trading) from anyone. My initial crypto investments came from trading stock profits. I also conducted all transactions through real-name accounts, and all transaction records can be publicly investigated.

What is WEMIX?

WEMIX is a blockchain gaming platform developed by WemadeTree, offering services such as encrypted wallets, token exchanges, and in-game item trading platforms. The WEMIX token is the native token of the WEMIX ecosystem, which can be earned and used within WEMIX games, serving as a medium of exchange and for paying transaction fees.

(Source: Twitter)