The former South Korean congressman who is still under martial law is listening to the Cryptocurrency AMA. He was sentenced to six months in prison for concealing Crypto Assets.

According to local media reports, former Democratic Party congress Kim Nam-guk was recommended to be sentenced to 6 months in prison by the South Korean prosecutors for concealing his ownership of Crypto Assets. Kim Nam-guk, as a member of the congress, has been widely known to hold Crypto Assets. It can even be said that it is because of Kim Nam-guk's involvement in large-scale suspicious transactions that the bill was introduced, requiring legislators to disclose their holdings of Crypto Assets.

(South Korean lawmakers' holdings investigation: Buying $50 million worth of cryptocurrency in three years, ten individuals' declarations do not match)

The Golden South Bureau faces a six-month prison sentence for concealing about $7.5 million in cryptocurrency

On the morning of the 18th, South Korean prosecutors requested a sentence of 6 months in prison for former congressman Kim Nam-guk's obstruction of official duties in the final appeal trial presided over by Judge Jung Woo-yong at the Seoul Southern District Court. The prosecution stated that the defendant did not declare his ownership of Crypto Assets and used deception to interfere with the parliamentary ethics committee's review of the assets of parliamentarians.

Former councilor Kim Nam-guk was accused of transferring some cryptocurrency deposits to bank deposit accounts and converting the remaining deposits into cryptocurrency twice during the parliamentary asset declaration periods in 2021 and 2022 to conceal the substantial profits obtained through cryptocurrency investments, thus avoiding scrutiny by the Congressional Ethics Committee on asset changes.

The prosecution believes that former councilor Kim concealed about 9.9 billion Korean won (about 6.8 million dollars) in cryptocurrency deposits during the asset declaration process in 2021, only declaring a total of about 1.2 billion Korean won. In 2022, he also concealed about 990 million Korean won (about 680,000 dollars) in the same manner.

Are you still listening to Stacks AMA during martial law? The community jokingly said that you have to stake for six months.

The South Korean government has requested companies and about 5800 senior officials to disclose their Crypto Assets, and this information will be made public in the government's 'Public Ethics and Transparency Initiative' system.

(South Korea discloses the cryptocurrency holdings of senior officials, enhancing political transparency)

The case of former Congressman Kim Nam-guk is that according to Article 4 of the Public Officials Ethics Act, high-ranking public officials, including members of the National Assembly, must annually report their assets to the National Assembly's Ethics Committee (국회 공직자윤리위원회). The types of assets include real estate, stocks, bonds, cash deposits, and other valuable assets. Cryptocurrency is also interpreted as a type of asset, so it must be reported.

Interestingly, previously, the Crypto Assets covered wagon channel revealed that the Korean Ministry of Justice was listening to the Stacks DeFi Show AMA during the martial law in Korea. He joked that Stacks had already pledged for six months, but in fact, this type of misdemeanor can be punished by a fine.

This article was still listening to the former South Korean congressman who declared a state of emergency and concealed Crypto Assets, and was sentenced to six months. It first appeared on Chain News ABMedia.