South Korean police have searched the residence of former Incheon Mayor Yoo Jung-bok and the Incheon City government office to investigate whether he omitted cryptocurrency holdings in his local election asset declaration. Police stated that the case is related to the Public Officials Election Act and that they have collected evidence including mobile phones and computers.

Investigation Focus

The investigation points to whether approximately 21,000 cryptocurrency tokens were intentionally underreported. Yonhap News Agency reported that the assets were transferred to overseas exchanges before being submitted for statutory asset declaration.

The election authorities previously indicated that Yoo Jung-bok declared approximately 78 million won less in assets than he actually possessed. Police have also questioned Yoo Jung-bok, his wife, and some related individuals.

How did the case come to the attention of the police?

The controversy first surfaced about 10 days before the local elections in South Korea on June 3. The campaign team filed criminal charges alleging that the couple deliberately failed to declare their cryptocurrency assets.

Subsequently, the Incheon Election Commission completed its review and transferred the case to the police. On June 2, the Election Commission also issued a correction notice, stating that there was a discrepancy between the total assets figure in his campaign materials and his actual assets.

South Korea continues to closely monitor encrypted disclosures.

South Korea has maintained its strict enforcement of laws related to cryptocurrencies. Previously, police raided Bithumb and launched an investigation into allegations against lawmaker Kim Byung-ki, concerning his children's employment and ties to cryptocurrency exchanges.

These cases demonstrate that South Korean regulatory and law enforcement agencies are paying close attention to public officials' declarations of crypto assets and compliance issues related to digital assets.