South Korean corruption - did government officials sell off their coins before announcing possible ban?

South Korean news outlet ChoSun is reporting that SK Financial Supervisory Service has confirmed an investigation has been launched.

The claim is that members and employees within the Financial Services Commission sold off their cryptocurrency assets, hours and minutes before news they were looking into possibly banning cryptocurrency was released to the press.

Director of the Office of the Prime Minister, Hong Nam-ki, said;

"As far as internal transactions are concerned, there are one or two cases of public servants, and they asked me to investigate the facts".

Unfortunately, even if it's the worst case scenario - there wasn't a crime, as laws do not cover virtual currencies the same as cash or stocks.

Still, while not illegal - it is a violation of internal policy.  However, they have not said what the punishment for violating these policies would be if the investigation does find evidence confirming the claims.

Author: Oliver Redding
Seattle News Desk