'Coin Controversy' Rep. Kim Nam-guk "I Will Stake My Political Life"... People Power Party "Explain Yourself"

"Yoon Line's Han Dong-hoon Prosecution Work... Let's Play the Truth Game"
"Criticism of Illegal and Excessive Investigation Abusing Investigation Rights"
People Power Party Raises Issues on Asset Declaration and Bill Proposal

Kim Nam-guk, Member of the Democratic Party of Korea [Image source=Yonhap News]

Kim Nam-guk, a member of the Democratic Party of Korea, addressed the controversy over his large cryptocurrency holdings on the 6th, stating, "Those who truly believe there is a problem should stake everything and engage in a truth game," and added, "I will put my political career and all my assets on the line."

On the same day, Kim wrote on Facebook, "Let's thoroughly verify whether the funds came from unclear sources, whether the cryptocurrency was hidden on a secret USB, and whether there were any illegal investments."

According to a media report, Kim, who declared assets worth about 1.2 billion KRW last year, reportedly held tens of billions of won in cryptocurrency but disposed of all of it early last year, just before the implementation of the cryptocurrency transaction real-name system (Travel Rule).

Kim stated, "(The prosecution) should have known that the transactions were legitimate after checking all the reports and supporting documents submitted to the Financial Intelligence Unit (FIU) and investigative agencies from the exchanges," emphasizing, "We captured and submitted all transaction details, how profits were made, sources of funds, and real-name wallet addresses to the Korea Exchange as requested by the People Power Party."

He continued, "Since all transaction records were transparently tracked and verified, the warrant was dismissed due to a lack of necessity for investigation," and argued, "Continuing forced investigations despite no charges or issues is not a normal investigation but a clear abuse of investigative authority and an illegal and excessive investigation."

He criticized the prosecution, saying, "They are cleverly piecing together and leaking only parts of sensitive personal financial information and confidential investigation details, stirring social confusion and controversy."

Yoon Hee-seok, Spokesperson for the People Power Party [Image source=Yonhap News]

Regarding the detailed media reports on his cryptocurrency transactions, Kim accused, "Leaking sensitive personal financial and investigation information to the media is the work of Yoon Seok-yeol's faction's 'Han Dong-hoon prosecution'," calling it "a very shallow trick to cover up Yoon Seok-yeol's failures."

He questioned, "'If Lee Jun-seok of the People Power Party invests in cryptocurrency and earns enough money to run three elections, it's something to be proud of, but if Kim Nam-guk of the Democratic Party invests and earns money, is that a problem?'" He pointed out, "The media that promotes Lee Jun-seok as a hot topic but portrays Kim Nam-guk as a huge problem is not normal."

On the same day, the People Power Party continued their criticism of Kim, raising issues such as the fact that there was little change in his declared assets despite selling coins, and that he proposed a bill to postpone taxation on virtual assets while still holding coins.

Yoon Hee-seok, spokesperson for the People Power Party, pressured Kim in a statement, saying, "The public doubts the transparency of Kim Nam-guk's transactions and the legitimacy of his investments," and urged, "If you are innocent, prove it."

Yoon added, "Despite the sale of a large amount of coins, there was little change in the declared assets," and claimed, "Coincidentally, the sale timing was close to the last presidential election day. It is necessary to thoroughly verify where the proceeds from the sale went."

Regarding the bill to postpone taxation, he criticized, "This goes beyond a conflict of interest and constitutes an abuse of legislative power by a member of the National Assembly."

This content was produced with the assistance of AI translation services.