Cryptocurrency transactions of Democratic Party MP Kim Nam-kuk in South Korea caused controversy.
According to the news of Coindesk Korea, MP Kim Nam-kuk, who presented the bill to the parliament on a one-year postponement of the law on taxation of crypto money earnings in South Korea, was making heavy crypto money transactions on the same dates.
While other parties stated that it was a conflict of interest issue, Kim Nam-kuk's failure to apologize has sparked backlash.
According to sources, the lawmaker's transactions were market-busting and suspicious, and the financial intelligence unit in South Korea reported the transactions to the prosecutor's office. The large amount of WEMIX transactions made by the deputy were examined.
Although the prosecution did not confirm the accuracy of the allegations, it did not publish any denials either.
While the deputy was accused of selling approximately $5 million worth of WEMIX tokens and not making any notification, it was also noteworthy that he did not disclose where and how he obtained the WEMIXs.
While denying the allegations against Kim Nam-kuk, he said, "I transferred the WEMIXs I owned to another exchange wallet. I did not make any sales. They are now only worth a few hundred million won as their value has dropped."
WEMIX was a very popular altcoin in South Korea. However, many exchanges had decided to delist due to the false information they gave about the circulating supply.
WEMIX, which was $25 in December 2021, is currently trading below $1.