Former Incheon Mayor Accused of Hiding 21,000 Crypto Assets in Election Disclosures

Police seized devices from former Incheon Mayor Yoo Jung-bok over allegations of concealing 21,000 crypto assets transferred overseas, violating election property disclosure laws.

Woofun AI reports that South Korean authorities searched the residence of former Incheon Mayor Yoo Jung-bok and the city government office, confiscating mobile phones and computers. Yoo and his wife face accusations of transferring approximately 21,000 virtual assets to foreign exchanges while omitting these holdings from their candidate property declarations. The Incheon Election Management Commission cited violations of election laws, noting that the couple’s actual assets were roughly 78 million won lower than disclosed figures.