Korean police seize crypto for unpaid traffic fines in trial
Local police in a suburb of Seoul have the authority to seize crypto in order to clear the balance of delinquent fines from traffic violations. A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines.Gunpo, a city of about 275,000 in the northwestern Gyeonggi province was selected by the national government to execute the pilot program in 2022 which an Aug. 16 report from the JoongBoo Ilbo news outlet stated was a way to collect delinquent funds in an “untact,"....
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A South Korean province has seized cryptocurrencies worth over $5 million from 1,661 investors who were more than $12 million in arrears on their fines in total. The seizure followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four exchanges.
Korean Province Confiscates Cryptocurrencies for Unpaid Fines
The South Korean province of Gyeonggi, the most populous province in the country, announced last week that it had seized 6.1 billion won ($5.14 million) in cryptocurrencies from 1,661 people who were 14.4 billion won in....
British detectives have seized $22.25 million from operators of an international cryptocurrency scam. Among the items seized was a USB stick containing ethereum worth $9.5 million. The police are now attempting to contact the victims of this scam to return their funds. UK Police Seize Crypto in USB Stick The U.K.’s Greater Manchester Police announced Wednesday that its Economic Crime Unit has seized a USB stick containing “huge amounts of ethereum, the second largest crypto currency after bitcoin.” The USB stick was discovered after the police arrested a 23-year-old male....
In comments at a virtual conference, an IRS counsel indicated the agency would seize virtual currency like bitcoin to satisfy tax collection.
British police have seized bitcoin worth almost $3 million from a teenager who set up a fake website to scam consumers. “At the time they were worth £200,000. They are now worth a little over £2 million.”
UK Police Seize $2.8 Million in Bitcoin
British police have arrested a 17-year-old boy from South Lincolnshire and seized bitcoin worth almost $3 million from him, BBC News reported Tuesday. The authorities cannot name the boy for legal reasons.
Prosecutor Sam Skinner said the teen set up a fake website that was almost identical to the....
Despite the South Korean Government’s deep interest in metaverse and web 3 technology, the country implements aggressive policies when it comes to regulations and taxation. As reported by local news outlet Yonhap News on Thursday, the South Korean Tax Authority has seized 260 billion won ($184.3 million) in crypto belonging to tax evaders. However, the […]