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South Korean police have decided not to refer Democratic Party lawmaker Kim Nam-kuk to prosecutors after determining there was no evidence to support allegations that he underreported his assets, Yonhap reported.
Police found that Kim had reinvested 4.7 billion won ($3.5 million) in proceeds from cryptocurrency sales that had been at the center of the omission allegations into other virtual assets, and that the overall value of his assets later fell sharply as prices declined. Police also reviewed the findings of a 2023 investigation by the Seoul Southern District Prosecutors’ Office into the so-called Kim Nam-kuk coin controversy, which first drew attention to Kim’s large cryptocurrency holdings, before deciding not to send the case forward, according to Yonhap.