South Korean lawmaker reports holding only “crypto dust”, accounting for 0.01% of total assets

South Korean lawmakers report holding only very small amounts of cryptocurrency (crypto dust), and many who do have already sold their holdings, likely due to crypto-related political scandals. "Crypto dust" refers to small amounts of crypto assets that are often too small to trade. This dust typically accumulates after cryptocurrency holders sell their largest holdings, leaving small amounts that often do not meet the minimum trading limits of exchanges. Only 36 of the 300 elected National Assembly officials said they held cryptocurrencies with a non-zero monetary value before the April 10 election. However, cryptocurrency holdings account for only 0.01% of the total assets of all 300 lawmakers, an "absolutely negligible amount." In addition, many of the lawmakers who announced that they owned cryptocurrencies appear to have moved quickly to dispose of their crypto assets. For example, Chun Ha-ram of the New Reform Party reported that his wife had 11 crypto wallets with tokens “worth 22,000 won ($16.51) in total” and that “(we) sold all the crypto we could, leaving only a small amount (dust) that could not be traded.” Member of the Democratic Party, Kim Jun-hyeok, had declared that he owned 114.2 million won ($85,700) worth of BTC, but “disposed of all” BTC after declaring it. Member of the People’s Power Party, Park Chung-kwon, declared that he owned 58.8 million won worth of SOL before the election, but sold all of his SOL holdings in February this year. Records show that many lawmakers also chose to sell the airdropped cryptocurrencies immediately after receiving them. (Sisa Journal)