đđđ #SouthKorean Lawmaker Sells $85,700 in #bitcoinâïž Amid Political Scandals; Others Join in Liquidating #Cryptoassets
South Korean Lawmakers Distance Themselves from Crypto Amid Scandals
In the wake of multiple political scandals involving cryptocurrency, South Korean lawmakers are distancing themselves from digital assets, with many now claiming their wallets contain nothing more than âcrypto dust.â This shift follows increased scrutiny, as several prominent politicians have sold off their crypto holdings.
One Member of Parliament reportedly sold $85,200 worth of Bitcoin shortly after declaring his assets. The heightened focus on lawmakersâ crypto involvement comes after the âCoin Gateâ scandal, which implicated former lawmaker Kim Nam-guk in insider trading and using confidential information to profit from cryptocurrency trades. In response to growing criticism, many lawmakers have chosen to publicly declare their crypto holdings ahead of upcoming elections.
To avoid further backlash, several politicians have liquidated their holdings, leaving behind only tiny, untradeable amounts of tokens, referred to as âcrypto dust.â These remnants are too small to meet trading thresholds on exchanges.
Cheon Ha-ram of the New Reform Party revealed that his wife held 11 wallets with a total of just $16 in airdropped tokens. Cheon himself claimed, âI sold everything that could be sold. I am left with only small amounts of scrap that cannot be traded.â He emphasized that while he knew his wife traded cryptocurrency, he was unaware of the specific coins or amounts involved.
Democratic lawmaker Kim Jun-hak sold $85,700 in Bitcoin after declaring his assets, while Peopleâs Power Party's Park Chung-kwan liquidated his Solana holdings earlier this year. Currently, only 36 of South Koreaâs 300 lawmakers hold notable crypto assets, which account for just 0.01% of their declared wealth ahead of the April 2024 elections.
Source - coinpedia.org
