Kim Nam-kuk, a South Korean lawmaker, was acquitted of charges regarding the concealment of cryptocurrency holdings. The court stated that he was not required to disclose virtual assets under the existing laws at that time.

Judge Jeong Woo-Yong determined the lack of evidence to prove any deceit in obstructing the Ethics Committee’s review. Prosecutors alleged that Kim failed to report approximately 4.5 million USD in profits from his crypto investments.

This controversy compelled Kim to resign from the Democratic Party to mitigate the impact on his colleagues. He had significantly misreported his total assets, allegedly causing a conflict of interest.