[News Today] KIM NAM-KUK INDICTED FOR CRYPTO

[LEAD]
Former Democratic Party lawmaker Kim Nam-kuk, embroiled in a cryptocurrency scandal, has been brought to trial. Prosecutors believe he falsified financial details to conceal crypto earnings.

[REPORT]
Former main opposition Democratic Party lawmaker Kim Nam-kuk stirred controversy in May last year over his massive cryptocurrency holdings.

Former DP lawmaker Kim Nam-kuk /
Stirred debate over massive crypto assets last year

Some 15 months since the allegation surfaced, the prosecution has now indicted him without detention.

He is charged with undermining the work of the National Assembly's public officials ethics committee by falsely reporting his assets in a bid to conceal profits earned from crypto investment.

According to investigation by prosecutors, in December 2021 when Kim had a deposit of 9.9 billion won(USD 7.4 million) in his cryptocurrency account, he transfered 900 million won of that amount to his bank account and used the remaining balance to purchase crypto coins.

The registration of virtual assets was not mandatory at the time so the then lawmaker reported an asset of 1.26 billion won(USD 950,000) which excludes his cryptocurrency holdings.

Using the same method, also in December 2022, Kim spent a further 990 million won to buy digital coins.

In a statement Monday, Kim called the indictment politically motivated and vowed to sternly fight in court.

Meanwhile prosecutors cleared the former lawmaker on charges of using undisclosed information and violating the Political Funds Act, citing insufficient evidence.