The Incheon District Police Agency’s anti-corruption and economic crime investigation unit on July 27 searched and seized the residence of former Incheon Mayor Yoo Jeong-bok and the office of the General Affairs Department at Incheon City Hall to investigate allegations involving “concealment of crypto assets” during the June 3 local elections. Police seized related devices, including mobile phones and computers. Yoo Jeong-bok and his wife are accused of transferring 21,000 crypto assets they held to an overseas exchange.
Details of the searches: home and city hall office search, and seizure of phones and computers
On July 27, the Incheon District Police Agency’s anti-corruption and economic crime investigation unit dispatched investigators to conduct a search and seizure at former Mayor Yoo Jeong-bok’s residence and the General Affairs Department office at Incheon City Hall. During this operation, police seized devices such as mobile phones and computers as key evidence for the investigation. Police have summoned and questioned former Mayor Yoo Jeong-bok and his wife, Ms. Choi, and also conducted inquiries into relevant figures associated with the complainant, incumbent Incheon Mayor Park Chan-dae.
Core allegations: 21,000 crypto assets transferred to an overseas exchange
According to a report by Yonhap News Agency, former Mayor Yoo Jeong-bok and his wife are accused of concealing crypto assets during the June 3 local election period. The specific allegations are as follows:
· Transferred 21,000 crypto assets held by them (specific coin types not disclosed) to overseas exchanges
· Intentionally omitted the above assets from the asset declaration submitted by candidates in the local election
· On June 2, 2026, the National Election Commission determined that the declared assets were about 78 million won less than the actual amount and issued a correction notice
Event timeline: from the pre-election complaint to the June 2 correction notice from the election commission
The timeline of events in this case is as follows: approximately 10 days before the June 3 local election, the Incheon Mayor election countermeasure committee (Park Chan-dae) filed a report with the police. After that, the Incheon City Election Commission submitted a supplementary report on the grounds of alleged violation of the Public Official Election Act. On June 2 (the day before the election), the National Election Commission determined that Yoo Jeong-bok’s declared assets were about 78 million won less than the actual amount and issued a correction notice. On July 27, the Incheon District Police Agency’s anti-corruption and economic crime investigation unit carried out a search at his residence and the city hall offices and seized related evidence.
FAQ
What is the main legal basis for this search?
According to police, the basis for this investigation was alleged violation of South Korea’s Public Official Election Act. Specifically, the allegation is that former Incheon Mayor Yoo Jeong-bok and his wife intentionally omitted 21,000 crypto assets from candidate asset declarations for the June 3 local election, thereby constituting false statements in the election asset declaration. The Incheon City Election Commission has also submitted a report regarding the alleged violation of election law.
When was the correction notice issued by the National Election Commission?
The National Election Commission determined on June 2, 2026 (the day before the June 3 local election) that the amount of assets listed by Yoo Jeong-bok in his campaign materials was about 78 million won less than the actual figure, and then immediately issued a correction notice. This determination was made after the Incheon Mayor election countermeasure committee and the election commission submitted their reports in sequence.
In this case, have the specific coin types for the 21,000 crypto assets been disclosed?
Based on current reports, neither the police nor Yonhap News Agency has disclosed the specific coin types of the 21,000 crypto assets involved. This is a limitation of currently available public information; the specific coin types will be subject to subsequent official announcements.
