South Koreas Crypto Scandal Intensifies as Prosecution Vows to Review Sector

South Koreas Crypto Scandal Intensifies as Prosecution Vows to Review Sector


South Korean Prosecutor-General promises to review the crypto sector amid rising public suspicion about politicians and their crypto holdings, following the Coin Gate scandal and allegations of insider trading and price manipulation.

South Korea’s Prosecutor-General has promised a “thorough review” of the cryptocurrency sector amid growing “public suspicion” about politicians and their cryptocurrency holdings.

Per Yonhap, Prosecutor-General Lee Won-seok stated his agency would “faithfully investigate” the sector.

And he pledged to “resolve public suspicions about cryptoassets.”

Lawmakers and prosecutors are trying to fight a wave of outcry sparked by the Coin Gate scandal.

Earlier these 30 days, a leading MP was reportedly found to have traded coins with “insider knowledge” of next cryptocurrency regulations.

A range of other states has likewise been made about the MP, Kim Nam-kuk.

On the other hand, some feel Kim may not be the only lawmaker to have alleged crypto-related secrets.

Lee distanced himself from cryptocurrency, saying:

“I have never owned stocks or cryptoassets. That won’t be change in the future.”

Speaking to media representatives outside the Suwon District Prosecutor’s Office, Lee stated that prosecutors would tackle issues such as “ crypto token listings on exchanges.”

Plenty of leading cryptocurrency exchange officials have this year been charged with price manipulation.

It has resurfaced they allegedly took bribes in exchange to be listed crypto tokens on their platforms.

In South Korea, crypto altcoin prices tend to spike sharply when news of listing on a major domestic platform is announced.

Several are thought to have artificially engineered these spikes by paying officials to fast-track their coins’ listing processes.

A graph showing trading volumes on Bithumb, one of South Korea’s most popular crypto exchanges.
Trading volumes on Bithumb, one of South Korea’s most trending cryptocurrency exchanges. (Source: CoinGecko)

South Korean Prosecution Responding to Cryptocurrency Scandal?

Lee pledged to investigate crypto-related “ financing problems.”

And he stated he would resolve a range of crypto-related “ speculation problems.”

Seoul has likewise been rocked by states that senior lawmakers oversaw crypto-powered “remittances” to North Korea-linked parties.

Lee argued that he would be guided by “the evidence” available and “deal” with possible legal infringements “ reports by the law.”

The Prosecutor-General further argued that prosecutors would continue to tackle the “drug problem.”

President Yoon Seok-yeol the previous  30 days declared “all-out war” on crypto-powered drug trafficking as an increasing number of narcotics-trading teens have been handed jail sentences.

Public figures have was known on all lawmakers and regulatory authorities to declare their cryptocurrency holdings.



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