Rep. Kim Nam-kuk of the main opposition Democratic Party (DP) said on Sunday that he will leave the party amid snowballing allegations surrounding his cryptocurrency holdings.

Kim announced his decision on Sunday in a Facebook post, saying that he will briefly leave the Democratic Party that he loves.

Kim wrote that he decided that it would not be right to be a burden to the party and party members any longer, adding that he thinks he should not cause any harm to the party at this critical time.

Kim said that from now on, as an independent lawmaker, he will stand up to the unjust political offensive until the end and uncover the truth. He also vowed to seek legal accountability for the numerous media reports that he claims are based on false information.

Kim is at the center of a political conflict over his cryptocurrency transactions and holdings that were allegedly worth some six billion won at one point.

A DP official said that the investigation into the case by the party's ethics committee and a probe team will be suspended as Kim has quit the party.