Incheon Mayoral Race Heats Up Over Candidate's Virtual Asset Reporting Controversy

A serious allegation has cast a shadow over Incheon Mayor Yoo Jeong-bok's re-election campaign, as he faces accusations of deliberately concealing his wife's virtual asset holdings. The controversy, reported by News Tomato, centers on a significant discrepancy between the reported value of virtual assets and the actual amount allegedly held by Yoo's wife, Choi. This issue has quickly become a focal point in the mayoral race, with the opposing Democratic Party and local civic groups demanding immediate clarification.

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If he evaded asset reporting or transaction tracking by using an overseas exchange, it could be illegal. If he evaded asset reporting over a long period, it could be a problem under the Public Official Ethics Act and the Public Official Election Act.

The core of the accusation lies in the claim that Yoo's wife acquired a substantial amount of virtual currency, estimated to be worth around 100 million Korean won at its peak, through both purchase and mining. However, the reported virtual asset declarations by Yoo during his tenure as mayor and in his recent candidacy filing appear significantly lower. News Tomato suggests that the assets might have been moved to an overseas exchange, Binance, to circumvent domestic reporting requirements, a move that could have legal implications.

Recordings cited in the report indicate conversations between Choi and an asset manager discussing the transfer of assets to Binance and the potential issues with reporting them to South Korean authorities due to wealth disclosure regulations. Choi's reported statements about needing funds and planning to convert the assets gradually add another layer to the unfolding situation. If proven, such actions could constitute a violation of the Public Official Election Act and the Code of Conduct for Public Officials, which mandate transparent asset reporting.

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Disclose the exact balance of the Binance account for overseas exchange virtual assets immediately, and clarify whether you systematically instructed or tacitly approved the evasion of asset reporting.

Civic groups like the Incheon Peace Welfare Solidarity have called for Yoo to address the allegations, warning that using overseas exchanges to evade reporting could be illegal. The Democratic Party's campaign spokesperson has also urged Yoo to disclose the exact balance of his Binance account and clarify whether he directed or condoned the alleged asset concealment. Yoo's campaign has acknowledged the allegations and promised to issue a statement soon, leaving many in Incheon awaiting a definitive explanation as the election approaches.

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Virtual asset assets held on overseas exchanges are not excluded from the asset reporting対象.