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South Korean Police Search Former Incheon Mayor's Residence Over Suspected Concealment of Virtual Assets

On July 28, according to Yonhap News Agency, South Korean police have searched the residence of former Incheon Mayor Yoo Jeong-bok and the Incheon city government 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 the property declaration for local election candidates. The Incheon Election Commission has determined that he is suspected of violating election laws, requesting a correction of the property disclosure the day before the election, and stated that his actual assets are approximately 78 million won less than what was declared.

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