The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Family of 5 found dead in 3 separate locations

  • 3

    All-Korean showdowns set up on 1st day of medal race

  • 5

    Understanding Korean Modernization

  • 7

    Bears of Joseon part 1: Fanciful tales and deadly claws

  • 9

    S. Korea to stage massive military parade as tensions with North remain high

  • 11

    Exhibition for soldiers highlights North Korea's human rights abuses

  • 13

    China's 'batwoman' scientist warns another coronavirus outbreak is 'highly likely'

  • 15

    PM departs for China for Asian Games, meeting with Xi

  • 17

    Top diplomats of Korea, Iran discuss bilateral ties following frozen funds transfer

  • 19

    Hangzhou Asian Games open after COVID-enforced delay

  • 2

    Xi says he will seriously consider visit to South Korea: official

  • 4

    INTERVIEWYim Si-wan went extra mile to portray legendary athlete in 'Road to Boston'

  • 6

    Opposition party leader ends 24-day hunger strike for treatment

  • 8

    Samsung, SK relieved by revised chip restrictions on China

  • 10

    Sil-A overcomes stage fright, and them some

  • 12

    US finalizes national security 'guardrails' for CHIPS funding

  • 14

    Seoul, Beijing try to mend fences as Russia and N. Korea grow closer

  • 16

    Historic NASA asteroid mission set for perilous return

  • 18

    Allies vow stern measures against Russia-NK arms deal

  • 20

    League of Legends, other esports join Asian Games in competition for first time

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Mon, September 25, 2023 | 21:16
Cryptocurrency
Scandal-tainted lawmaker faces criticism for crypto profits from legal blind spot
Posted : 2023-05-08 16:24
Updated : 2023-05-09 10:10
Lee Min-hyung
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Rep. Kim Nam-kuk of the main opposition Democratic Party of Korea / Yonhap
Rep. Kim Nam-kuk of the main opposition Democratic Party of Korea / Yonhap

By Lee Min-hyung

Rep. Kim Nam-kuk of the main opposition Democratic Party of Korea (DPK) is being criticized for suspicious crypto trading worth 6 billion won ($4.54 million).

Kim is suspected of cashing out his crypto assets shortly before March 2022 when Korea introduced the crypto travel rule, mandating real-name crypto transactions. Kim denied the suspicions, claiming that most of his crypto assets were not cashed out, but instead transferred to another exchange.

The exchange then reported the suspicious transaction to the Korea Financial Intelligence Unit, which reported the case to the prosecution. Investigators are stilling looking into the incident.

The public criticism is directed at Kim's ambivalence, as he has claimed to be a poor politician who stands with the socially vulnerable.

He said he had not reported his crypto assets, as they were not subject to the disclosure obligation under the current public service ethics act.

The ruling People Power Party, however, stepped up criticism of Kim for his suspicious crypto trading.

"The public is shocked by his ambivalent attitude and attempts to gain sympathy by highlighting his cheap shoes, even though he held crypto assets worth 6 billion won," PPP spokesman Rep. Yoo Sang-bum said.

Kim is also under fire for proposing a bill in 2021 along with a group of other lawmakers from the opposition camp on delaying the taxation of crypto gains.

Daegu Mayor Hong Joon-pyo also urged Kim to step down from his post.

"This is a serious moral hazard," he said. "He appeared to have had a get-rich-quick scheme with crypto trading. He should have left his job as a lawmaker and focused on speculative trading instead. On top of that, he stood at the forefront of delaying crypto taxation, which can be seen as an abuse of his legislative power for the protection of his private assets."

But Kim denied most of the suspicions.

"I did not borrow and receive money from anyone at all (for the crypto trading)," Kim said. "I sold some of my stocks to use for the initial crypto investment. I also made transactions only through real-name accounts and I can transparently share all of the transaction records."


Emailmhlee@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
Top 10 Stories
1Samsung, SK relieved by revised chip restrictions on China Samsung, SK relieved by revised chip restrictions on China
2S. Korea to stage massive military parade as tensions with North remain high S. Korea to stage massive military parade as tensions with North remain high
3Seoul, Beijing try to mend fences as Russia and N. Korea grow closer Seoul, Beijing try to mend fences as Russia and N. Korea grow closer
4Patients, doctors at loggerheads as operating room CCTV footage made mandatory Patients, doctors at loggerheads as operating room CCTV footage made mandatory
5Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation
6Mirae Asset Global Investments' AUM reaches $219 bil. Mirae Asset Global Investments' AUM reaches $219 bil.
7Lee Jae-myung's possible arrest looms over main opposition party Lee Jae-myung's possible arrest looms over main opposition party
8Bears of Joseon part 2: Behind bars Bears of Joseon part 2: Behind bars
9LG Chem to build LFP cathode plant with Huayou in Morocco LG Chem to build LFP cathode plant with Huayou in Morocco
10Low growth becomes new normal for Korean economy Low growth becomes new normal for Korean economy
Top 5 Entertainment News
1[INTERVIEW] Yim Si-wan went extra mile to portray legendary athlete in 'Road to Boston' INTERVIEWYim Si-wan went extra mile to portray legendary athlete in 'Road to Boston'
2TEMPEST gears up to showcase fiery passion TEMPEST gears up to showcase fiery passion
3BTS' Jungkook to drop 2nd solo single '3D' BTS' Jungkook to drop 2nd solo single '3D'
4K-pop group Kingdom recalls album cover resembling QuranK-pop group Kingdom recalls album cover resembling Quran
5Cho Seong-jin celebrates 140-year ties between Korea, UK Cho Seong-jin celebrates 140-year ties between Korea, UK
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group