South Korean Politicians Accuse Each Other of Crypto Misconduct Ahead of Election

South Korean politicians are engaged in a heated exchange of accusations regarding crypto-related misconduct in the lead-up to the parliamentary elections on April 10. With scandals like Coin Gate still making headlines, candidates have alleged that their opponents are involved in secret crypto activities. Media outlets have labeled this back-and-forth as “mudslinging,” with many of the allegations centering around the sensitive topic of cryptocurrencies. Mandatory public crypto disclosures in late March revealed that several influential figures, including senior judges, hold Bitcoin and altcoins. Lawmakers and National Assembly candidates were also required to disclose their crypto holdings. The People’s Power Party pointed out that Democratic Party candidate Kim Jun-hyuk possesses a significant amount of Bitcoin, questioning the appropriateness of a political candidate owning crypto while Coin Gate investigations are ongoing. In another instance, a spat between rival candidates in the Sokcho, Goseong, Inje, and Yangyang constituency emerged over the People’s Power Party candidate Lee Yang-soo’s alleged registration of coin investments in his son’s name. The Democratic Party candidate Kim Do-gyun claimed that Lee’s son now owns multiple cryptoassets worth over $18,200, launching a public inquiry into the matter. However, Lee retaliated by highlighting that Kim Do-gyun was the majority shareholder and co-founder of a firm named IBP, which reportedly issued its own cryptoasset in 2019. Lee called for an explanation regarding the details of the IBP token issuance. With crypto-related issues at the forefront, the nation prepares to vote, and pollsters are predicting a closely contested race between the Democratic Party and President Yoon Seok-yeol’s People’s Power Party.