South Korean legislators claim that their wallets are “overflowing with cryptocurrency dust”

Lawmakers in South Korea maintain that their crypto wallets are essentially “crypto dust” and that they are attempting to distance themselves from token ownership.

Several prominent legislators who possess crypto assets have sold their currencies, according to Sisa Journal. This is presumably the result of ongoing political scandals related to crypto.

The Coin Gate incident is the most significant of these. Kim Nam-guk, a former lawmaker and member of the parliamentary commission for crypto-related matters, was accused of utilizing confidential information to trade currencies in the course of the incident.

Legislators accused one another of covertly owning tokens in advance of parliamentary elections in response to additional allegations of crypto insider trading.

Consequently, South Korean legislators and their families are now legally required to submit crypto declarations.

Therefore, it seems that numerous legislators have liquidated their crypto holdings rather than subjecting themselves to public scrutiny regarding their crypto investments.

This results in containers that contain only a small quantity of airdrop-related currencies and crypto dust. Digital currency “Dust” is a term that denotes the tiny amount of cryptoassets that are generally inappropriate for trading.

This dust typically accumulates after crypto holders sell a maximum amount of coins, leaving behind minute quantities that are subject to the minimum transaction limits of crypto exchanges.

Before the April 10 elections, only 36 of the 300 elected National Assembly officials reported having any crypto holdings with a non-zero monetary value.

Nevertheless, the total asset value of all 300 lawmakers is only 0.01% of crypto. The media outlet clarified that this is a “absolutely infinitesimal quantity.”

Additionally, it appeared that numerous individuals who declared coins promptly disposed of their cryptoassets.

The media outlet interviewed Chun Ha-ram of the New Reform Party, who disclosed that his wife maintained 11 crypto wallets containing tokens valued at a total of 22,000 won ($16.51).

Chun informed the outlet that six of these currencies were distributed as airdrops to holders of EOS coins, while three others were distributed to XRP owners.

“We liquidated all of our inventory. Small quantities of particles that are not tradable are all that remain.” The media outlet also cited Democratic Party legislator Kim Jun-hyeok, who declared that he possessed 114.2 million won ($85,700) in Bitcoin (BTC).

Nevertheless, Kim Jun-hyeok has since stated that he “disposed of all” of his BTC “after declaring it.” The People’s Power Party lawmaker Park Chung-kwon reported possessing 58.8 million won ($44,128) of Solana (SOL) before the election on the other side of the house.

However, Park also disclosed that he deprived himself of all of his SOL investments in February of this year.

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