Seoul government seizes $22M worth of crypto from tax evaders
The City of Seoul becomes the first city in South Korea to confiscate cryptocurrencies owned by tax delinquents. The city government of South Korea’s capital Seoul has announced the seizure of cryptocurrencies worth 25 billion won ($22 million) from individuals and company heads.According to a report by The Korea Times, the confiscated crypto came from people identified as tax delinquents by the city’s tax collection agency.As part of the investigation, the Seoul office of the National Tax Service identified 1,566 individuals and company heads with overdue taxes. The NTS office in Seoul....
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South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. The funds were in bitcoin (BTC), ethereum (ETH) and other cryptocurrencies, Reuters reported quoting the government of....
The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going after hundreds more taxpayers who are delinquent on paying their taxes. Crypto Seizure for Tax Payments The Seoul metropolitan government announced Friday that it has seized cryptocurrencies from hundreds of individuals who are delinquent on their tax payments, Yonhap reported. Cryptocurrencies....
South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation. The agency stated that evaders used bitcoin (BTC), ethereum (ETH), ripple (XRP), among other cryptos, to avoid being scrutinized by the....
The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021.
Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea
The amount of crypto assets seized from South Koreans accused of dodging taxation has reached almost 260 billion Korean won (close to $184 million at current exchange rates), the online editions Yonhap News and Maekyung unveiled on Thursday.
The reports....
The United States Department of Justice (DOJ) says it has seized cryptocurrencies worth $24 million after receiving an official request from the government of Brazil. The seizure stems from an ongoing investigation into the $200 million cryptocurrency scam that may have defrauded tens of thousands of Brazilians. The authorities in Brazil say the scammers duped people by typically promising exaggerated returns and falsifying where the funds were invested. Criminal violations In a statement, the DOJ says the U.S. acceded to Brazil’s request in line with the cooperation treaty signed....