Yoon Jae-ok Suspects Kim Nam-guk's 'Coin Gate' May Involve Presidential Election Fund Laundering

Cash Out 250 Million Won in Cryptocurrency Before and After Presidential Election
"Kim Nam-guk, Who Claimed Innocence, Hides"
On the 25th, 'Kim Nam-guk Prevention Act' Passed in Plenary Session

Yoon Jae-ok, the floor leader of the People Power Party, raised the possibility that the 'Coin Gate' involving former Democratic Party lawmaker Kim Nam-guk was laundered as presidential election funds.

At the floor strategy meeting held at the National Assembly on the 23rd, Floor Leader Yoon said, "When the suspicion first arose, Kim stated that he only withdrew 4.4 million won during the presidential election period and voluntarily disclosed his bank transaction history himself," adding, "However, it was revealed that in reality, he cashed out more than 250 million won worth of coins around February to March last year, before and after the presidential election."

Yoon Jae-ok, floor leader of the People Power Party, is speaking at the party's strategy meeting held at the National Assembly on the morning of the 23rd. [Image source=Yonhap News]

He continued, "He withdrew cash through accounts linked to the cryptocurrency exchange and deceived the public by presenting a disguised bankbook."

Floor Leader Yoon said, "The 250 million won withdrawn in cash was not reported during the asset declaration. Where did this money go?" and added, "The prosecution is tracking the flow of funds, considering the possibility of additional withdrawals from other accounts."

He also said, "Exchanging 510,000 WEMIX coins for ClayPay right before the presidential election is also a very suspicious circumstance," adding, "It is known that he lost 1.5 billion won by putting all his money into the new coin ClayPay, raising suspicions that it was actually money laundering."

Floor Leader Yoon said, "ClayPay disappeared from the market within six months, and the related company changed phone numbers and went into hiding, raising suspicions that it was a hastily set up money laundering operation," adding, "If all these suspicions are true, there is no choice but to have reasonable doubts about money laundering right before the presidential election and the reason for the large cash withdrawals." He then criticized, "Kim, who claimed innocence and said he would hold those responsible for false reports accountable, is now hiding. It is a suspicious situation whether this is a disappearance to destroy evidence. The Democratic Party is also unable to escape from 'Namguk Protection' being swayed by its hardline supporters."

He further said, "Since it is now a situation that can no longer be hidden, he must immediately return and cooperate with the prosecution's investigation," adding, "The longer he delays, the greater the public anger and the heavier the crime will become, which he must keep in mind."

The National Assembly held a standing committee meeting the day before and passed a resolution on the voluntary reporting and investigation of virtual assets by lawmakers, known as the 'Kim Nam-guk Prevention Act.' If it passes the plenary session on the 25th, lawmakers and high-ranking public officials will be required to register their virtual asset holdings and changes.

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