Ex-Incheon Mayor Raided Over Allegations of Concealed Crypto Holdings

South Korean police have launched an investigation into former Incheon Mayor Yoo Jeong-bok, raiding his home and city hall office over allegations that he concealed cryptocurrency holdings during a recent local election period.

The authorities suspect that Yoo and his spouse deliberately omitted approximately 21,000 cryptocurrency assets from a mandatory candidate asset disclosure filing submitted ahead of the June 3 local elections.

Investigators believe the couple transferred the digital assets to overseas exchanges prior to the filing deadline to avoid detection. The case involves potential violations of the Public Official Election Act, which requires candidates to fully disclose their financial holdings, including virtual assets.