Korean police searched the residence of the former Mayor of Incheon and concealed suspicion of virtual assets

On 28 July, Korea Associated Press reported that the Korean police had searched the residence of Liu Zhengfu, the former Mayor of Incheon, and the offices of Incheon Municipality, and had seized mobile phones, computers, etc. Mr. and Mrs. Liu were alleged to have transferred approximately 21,000 encrypted assets held to an offshore exchange and to have been deliberately omitted from the financial declaration of candidates for local elections. On the day before the election, the Incheon City Electoral Management Board, which found it suspected of violating the electoral law, requested an amendment to the property announcement and indicated that its actual property was approximately 78 million won less than the declared property。