Democratic Party lawmaker Kim Nam-kuk has announced his departure from the party in response to growing allegations concerning his extensive cryptocurrency dealings. The announcement was made on his social media page. Kim faced significant scrutiny following the revelation that he owned around 800,000 Wemix coins — a local cryptocurrency — in 2021, valued at roughly $4.5 million (6 billion won). He is alleged to have completely emptied his digital wallet of these coins just before the implementation of the Travel Rule in March of the previous year.

In his Facebook post, Kim stated, “Today, I am briefly leaving the Democratic Party that I love,” expressing his desire not to have his scandal burden the party or its members any further. Kim further announced his intention to seek legal redress against numerous news reports, which he contends were based on false information circulated over the past week.