South Korean Police Search Former Incheon Mayor Yoo Jeong-bok's Residence for Concealing Virtual Assets

The South Korean police have searched the residence of former Incheon Mayor Yoo Jeong-bok and the Incheon City Hall office, seizing materials such as mobile phones and computers. Yoo and his wife are accused of transferring approximately 21,000 cryptocurrency assets to overseas exchanges and deliberately omitting this information in their property declaration as election candidates. The Incheon Election Commission has determined that they are suspected of violating election laws and requested a correction to the property disclosure one day before the election, stating that their actual assets are about 78 million won less than declared.

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