Kim Woong Rebuts Yang Yi-won Young... "6 Million Coiners Are Most Angry at Kim Nam-guk"

"Criticism of Stock Manipulation Groups Is Not Criticism of Donghak Ants"

Amid allegations involving billions in cryptocurrency, Kim Nam-guk, who left the Democratic Party of Korea, was defended by Democratic Party lawmaker Yang Yi-won-young, who said, "More than 6 million people in the country invest in cryptocurrency. Are we going to say that investing in cryptocurrency itself is immoral?" In response, Kim Woong of the People Power Party retorted, "The 6 million coin investors are the ones most outraged by the 'Kim Nam-guk incident.'"

On the 22nd, Kim posted on his social media, "Contrary to Yang Yi-won-young's expectations, the people most outraged by the 'Kim Nam-guk incident' are precisely the 6 million coin investors. They know exactly what Kim did. People who have played Seotda (a type of gambling) know what 'bait and switch' is, and those who have played golf know what 'al-kka-gi' (a cheating move) is," he said.

[Image source=Yonhap News]

On the 19th, Yang Yi-won-young said on SBS's 'Kim Tae-hyun's Political Show,' "The standard of morality varies greatly depending on the times. It is said that more than 6 million people invest in cryptocurrency. Many young people, disappointed by their inability to grow their assets, try to make money and increase their profits through cryptocurrency investment. Are we going to say that investing in cryptocurrency itself is immoral?" She argued that Kim should not be criticized simply for having invested in cryptocurrency.

However, Kim responded, "Just as criticizing stock manipulation groups is not criticizing the 10 million Donghak ants (retail investors), and criticizing 'tteotdabang' (speculative vendors) is not criticizing apartment subscription applicants, the public is not criticizing people for investing in cryptocurrency," adding, "The difference between Kim and the coin investors is like that between 'tteotdabang' speculators and apartment subscription applicants."

He explained, "The characteristic of Kim's cryptocurrency (trading) is putting all eggs in unknown, obscure altcoins and then succeeding. It's like buying a vacant lot by splitting it up, and suddenly a development plan for the surrounding area is announced repeatedly."

Candidate Yang I-won-young, who ran for the party's Supreme Council member, is presenting her policy speech at the preliminary primary election for the selection of the Democratic Party's party leader and Supreme Council members held at the National Assembly Members' Office Building on the 28th. Photo by Yoon Dong-joo doso7@

Kim said, "The reason coin investors are outraged about Kim's cryptocurrency is because of the circumstances. 'Why does everything you buy go to the moon (price surge)?'" He added, "The price of BitTorrent, which Kim is presumed to have first purchased on Upbit in February 2021, was 0.4 won. But two months later, in April 2021, it reached 18.8 won. If Kim had invested 1 billion won entirely in BitTorrent, it would have been worth 47 billion won at one point."

Kim pointed out, "What is most suspicious is that Kim has been hiding his transaction history from February 2021 to October 2021. Everything could be a coincidence. He might have only touched altcoins because he opposed Bitcoin dominance, or during the cryptocurrency boom, every altcoin he happened to invest in went to the moon, or he was lucky to time his sales well, or he might have mistaken KlayPay for just a sister product of Klay and invested heavily, not for money laundering. But even if we accept all these coincidences, it does not explain why he refuses to disclose his transaction history."