South Korean Lawmakers Sell Off Crypto Holdings Amid Political Scandals

South Korean lawmakers have begun selling off their cryptocurrency assets following political scandals, including the “Coin Gate” insider trading case. Prominent lawmakers have liquidated their crypto holdings, leaving behind only “crypto dust,” to avoid public scrutiny ahead of the 2024 elections.

Amid rising political scandals involving cryptocurrency in South Korea, several lawmakers have distanced themselves from digital assets, selling off large portions of their holdings. Following the infamous “Coin Gate” scandal, which implicated former lawmaker Kim Nam-guk in alleged insider trading, members of parliament have come under increasing scrutiny for their involvement with crypto.

One lawmaker reportedly sold $85,200 worth of Bitcoin after declaring his assets, while others have followed suit, liquidating their holdings in an effort to avoid public backlash. The “Coin Gate” controversy, which brought to light accusations of insider trading based on confidential information, has prompted lawmakers to publicly declare their crypto holdings.

Many lawmakers, such as Cheon Ha-ram of the New Reform Party, have emptied their wallets, leaving behind only insignificant amounts of digital assets, known as “crypto dust.” Crypto dust refers to minute quantities of tokens remaining after a sale, often too small to trade due to exchange limits. In an interview with Sisa Journal, Cheon explained, “I sold everything that could be sold. I am left with only small amounts of scrap that cannot be traded.”

Cheon also disclosed that his wife’s 11 wallets contained only $16 worth of tokens received through airdrops. Similarly, Democratic Party lawmaker Kim Jun-hak sold his Bitcoin holdings, worth $85,700, while Park Chung-kwan of the People’s Power Party liquidated his Solana earlier this year.

Before the upcoming April 2024 elections, only 36 out of 300 lawmakers reported holding cryptocurrencies of any value. However, the total worth of these assets accounted for just 0.01% of their overall declared wealth, signaling a significant decline in political interest in cryptocurrency.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)