{"id":44839,"date":"2021-06-23T14:09:41","date_gmt":"2021-06-23T11:09:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44839"},"modified":"2025-08-31T18:54:25","modified_gmt":"2025-08-31T15:54:25","slug":"authorities-in-south-korea-seize-47-million-in-cryptocurrency-over-tax-evasion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/authorities-in-south-korea-seize-47-million-in-cryptocurrency-over-tax-evasion\/","title":{"rendered":"Authorities in South Korea seize $47 million in cryptocurrency over tax evasion"},"content":{"rendered":"<p>The government of South Korea&#8217;s Gyeonggi Province seized assets totaling $47 million in Bitcoin, Ethereum and other cryptocurrencies from 12,000 people who had evaded taxes, according to <a href=\"https:\/\/www.ft.com\/content\/aa9834a1-8e3a-46c9-a2d8-13b10882c1c9\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Times<\/a>.<\/p>\n<p>Officials described the event as the largest &#8216;cryptocurrency seizure in Korea&#8217;s history due to unpaid taxes&#8217;.<\/p>\n<p>The arrest followed months of investigation.<\/p>\n<p>According to the provincial government, to conceal assets the evaders used local exchanges that did not collect account holders&#8217; resident registration numbers.<\/p>\n<p>To identify them, investigators used mobile phone numbers, manually processing activity data on the platforms.<\/p>\n<p>Among those evading taxes was a well-known television presenter, whose debt exceeded $17,000. He held digital assets worth $440,000, the publication notes.<\/p>\n<p>Compliance with <span data-descr=\"know your customer\" class=\"old_tooltip\">KYC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-tightens-oversight-of-the-cryptocurrency-industry\">became mandatory<\/a> norms for cryptocurrency companies in the country from 25 March 2021.<\/p>\n<p>Details on which Bitcoin exchanges were affected by the investigation were not disclosed.<\/p>\n<p>Earlier, Seoul authorities <a href=\"https:\/\/u1f987.com\/en\/news\/seoul-residents-cryptocurrency-worth-22m-seized-over-tax-evasion\">seized digital currency worth $22 million<\/a> from individuals who had evaded taxes.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Officials in South Korea&#8217;s Gyeonggi Province seized assets totaling $47 million in Bitcoin, Ethereum and other cryptocurrencies from 12,000 people who had evaded taxes.<\/p>\n","protected":false},"author":1,"featured_media":44840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[974,558],"class_list":["post-44839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-south-korea","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=44839"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44839\/revisions"}],"predecessor-version":[{"id":44841,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44839\/revisions\/44841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/44840"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=44839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=44839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=44839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}