South Korean Politician’s Own Party Will Investigate Him for Irregular Token Trading 

Kim Nam-kuk, a member of South Korea’s Democratic Party, is said to have owned 800,000 wemix coins in 2021


sayan uranan/Shutterstock modified by Blockworks


South Korean representative Kim Nam-kuk’s own party, the nation’s Democratic party, has urged him to sell all of his digital assets and will launch an investigation into his token trading practices. 

This comes after a number of his undisclosed positions were exposed by various Asian outlets two years ago. Blockworks is not privy to Kim’s current holdings, but reports claimed that he owned around 800,000 wemix coins in 2021, worth about $4.5 million at that time.

Kim might have withdrawn all his Wemix tokens before March 2022 when South Korea’s travel rule took effect. This rule mandated that all exchanges in the country need to flag crypto transfers over 1 million won (approximately $757), Yonhap News Agency reported

Senior Democratic party spokesperson Kwon Chil-seung was confident that Kim would comply with investigators and his colleagues’ recommendations.

“As we have recommended he sell off his cryptocurrency assets, we believe he will comply,” Kwon told reporters. 

In addition to allegations of withdrawing all his tokens before the critical travel rule hampered his efforts, Kim co-sponsored legislation that would have delayed income taxation on crypto assets in July 2021. 

In the US, Senator Ted Cruz voluntarily disclosed his bitcoin purchase, unlike Kim. The Texas Republican bought anywhere from $15,001 to $50,000 worth of the asset, according to a Senate financial disclosure.

More recently, Cruz said he was “incredibly bullish” on bitcoin and crypto more broadly. He added that he has a standing buy order every Monday.

“I own a little more than 2 bitcoin, and every Monday I own a little bit more,” Cruz said.

This comes as 2024 presidential candidates begin to share their vision for crypto with their American constituents, including how they plan to regulate the industry. 

Democratic candidate Robert F. Kennedy Jr. tweeted that President Joe Biden’s 30% tax on electricity used by crypto mining is “a bad idea.” 

President Biden’s latest foray into crypto regulation came Tuesday when he tweeted that if Congress got rid of tax loopholes helping “wealthy crypto investors,” it would bring in $18 billion to the government. 

Most other candidates have yet to comment on their plans for regulating Bitcoin and the larger cryptocurrency space.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screen Shot 2024-05-16 at 14.53.45.png


Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. This report dives into the world of LVR. We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.


Yesterday saw Congress’ upper chamber side with the House on a measure aimed at overturning SAB 121


Oklahoma’s new crypto bill will go into effect in November of this year


The deposits hit a $20 million cap in just 45 minutes


Twelve Democratic Senators voted in favor to pass the resolution Thursday

article-image is “aware” that bonding curve contracts on were exploited, and has since paused trading


Some investment pros are mulling crypto allocations between 1% and 10% and seeking ex-BTC exposure for interested clients