Police raid ex-Incheon mayor Yoo Jeong-bok’s home over alleged hidden crypto assets

South Korean police have launched a compulsory investigation into former Incheon Mayor Yoo Jeong-bok over allegations he concealed crypto assets during the June 3 local election period, Yonhap News Agency reported. According to the report, the Incheon Metropolitan Police Agency’s anti-corruption and economic crime investigation unit sent investigators on July 27 to search Yoo’s residence and the general affairs office at Incheon City Hall over alleged violations of the Public Official Election Act and other charges. Yoo and his spouse are suspected of deliberately omitting 21,000 crypto assets from a candidate asset disclosure filing for the local elections after transferring the holdings to overseas exchanges.