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Ex-member of South Korea’s Democratic Party imprisoned for concealing 10 billion won in cryptocurrency assets. 
Kim Nam-kook, a former legislator for the Democratic Party of Korea, was <a href="https://www.news1.kr/society/incident-accident/5635648" target="_blank" rel="nofollow">found guilty</a> of hiding cryptocurrency holdings while he was a member of the National Assembly and was given a jail sentence of six months. The decision was made on the morning of Oct.&nbsp;28, 2024, at Kim’s trial in the Southern District Court in Yangcheon-gu, Seoul. 
Kim&nbsp;was&nbsp;charged&nbsp;with&nbsp;changing&nbsp;some&nbsp;of&nbsp;his&nbsp;<a href="https://crypto.news/new-cryptocurrency-to-mine-for-free/" target="_blank">cryptocurrency</a>&nbsp;deposits&nbsp;into&nbsp;bank&nbsp;accounts&nbsp;to&nbsp;correspond&nbsp;with the&nbsp;claimed&nbsp;total&nbsp;assets&nbsp;while&nbsp;converting&nbsp;the&nbsp;rest&nbsp;of&nbsp;the&nbsp;funds&nbsp;back&nbsp;into&nbsp;cryptocurrency&nbsp;to&nbsp;hinder&nbsp;the&nbsp;NationalAssembly&nbsp;Ethics&nbsp;Committee’s&nbsp;investigation&nbsp;of&nbsp;property&nbsp;changes. 
 You might also like: <a rel="" href="https://crypto.news/chief-of-south-korean-stock-exchange-says-crypto-should-be-institutionalized-quickly/"> Chief of South Korean Stock Exchange says crypto should be institutionalized quickly </a> 
He&nbsp;reportedly&nbsp;used&nbsp;this&nbsp;method&nbsp;to&nbsp;conceal&nbsp;significant&nbsp;cryptocurrency&nbsp;investment&nbsp;earnings&nbsp;from&nbsp;2021&nbsp;and&nbsp; 2022&nbsp;asset&nbsp;reports. 
The estimated 10 billion won worth of cryptocurrencies held by the former politician came under intense scrutiny from the public, sparking questions about transparency and accountability in the&nbsp;government. In a case that has garnered a lot of interest in <a href="https://crypto.news/south-korea-to-postpone-crypto-tax-bill-to-2027/" target="_blank">South Korea</a>, Kim’s punishment represents a significant move. 
The case brings to light current discussions around asset disclosure laws and the moral obligations of public servants when it comes to overseeing <a href="https://crypto.news/crypto-vc-funding-avalanche-labs-secures-250m-investment/" target="_blank">investments</a>, especially in developing financial markets such as cryptocurrency. 
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Former South Korean lawmaker gets 6-months in jail for lying about cryptocurrency assets

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