TechFlow reports that on December 18, former Democratic Party lawmaker Kim Nam-guk faced trial for falsely reporting his assets to the National Assembly in an attempt to conceal substantial holdings of cryptocurrency. Prosecutors have requested a six-month prison sentence. They allege that the defendant intentionally failed to declare his token holdings and obstructed the National Assembly's Ethics Committee investigation into lawmakers' assets.
Kim is accused of converting portions of his cryptocurrency deposits into bank deposits during his 2021 and 2022 National Assembly asset disclosures, adjusting his total declared wealth while transferring remaining funds into digital assets, thereby concealing significant profits earned from cryptocurrency investments and impeding the Ethics Committee’s review of changes in his wealth statement.
Prosecutors argue that in his 2021 asset declaration, Kim concealed approximately 99 billion South Korean won worth of cryptocurrency assets while declaring total assets exceeding 1.2 billion won; similarly, in 2022, he concealed around 990 million won.
