South Korean Lawmakers Shift Away from Crypto Amid Scandal, Sells $85,700 in Bitcoin

• South Korean lawmakers are distancing themselves from cryptocurrency ownership, with many reporting their wallets contain only "crypto dust".
• Lawmakers are publicly declaring their crypto holdings before elections, revealing minimal investments.
• A recent report showed that only 36 out of 300 National Assembly officials own cryptocurrencies of any significant value, which account for just 0.01% of their total assets.

South Korean lawmakers are stepping back from cryptocurrency ownership, stating their wallets mostly hold “crypto dust,” which are tiny amounts left after selling off larger holdings and are often too small to trade.

This shift follows increased scrutiny of politicians’ crypto assets amid ongoing scandals, including the notorious Coin Gate affair.

This scandal implicated former lawmaker Kim Nam-guk, who was accused of insider trading and using confidential information to trade coins. These allegations have pushed lawmakers to declare their crypto holdings publicly before elections.

According to a CoinPedia report, a member of parliament recently sold $85,200 in Bitcoin shortly after declaring his assets. Some lawmakers, including Cheon Ha-ram from the New Reform Party, disclosed that they have wallets containing coins received through airdrops; his wife’s 11 wallets held just $16 worth of tokens.