According to Deep Tide TechFlow, on December 18, former Democratic Party lawmaker Kim Nam-guk of South Korea is on trial for falsely reporting his assets to Congress to conceal a large amount of cryptocurrency he holds. The prosecution is seeking a six-month prison sentence. The prosecution claims that the defendant intentionally failed to declare the tokens he held and stated that Kim Nam-guk interfered with the Congressional Ethics Committee's review of the assets of lawmakers.
Kim Nam-guk was accused of converting part of his token deposits into bank deposits to adjust his total assets during the two congressional wealth declarations in 2021 and 2022, and converting the remaining deposits into cryptocurrency, in order to cover up the fact that he had made huge profits from cryptocurrency investments, thereby obstructing the Congressional Ethics Committee's review of his wealth change statements.
Prosecutors believe that Kim Nam-guk concealed the fact that he held approximately 9.9 billion won in cryptocurrency assets in his 2021 wealth declaration, declaring a total wealth exceeding 1.2 billion won, and similarly in 2022, concealing approximately 990 million won.