As South Korean crackdown continues, $47 million crypto assets seized from Gyeonggi Province

Authorities in South Korea have confiscated cryptocurrencies from rich doctors and TV stars after the ongoing crackdown on high-band taxpayers who have leveraged crypto purchases to mask their scale of earnings from tax collectors have reached the popular Gyeonggi Province.

The Asian nation’s tax bodies, which have gained the needed authority to access data of crypto exchanges in March, have been working diligently and extensively, going over transaction records and tax declarations in an attempt to spot discrepancies.

As a result, thousands of individuals and companies have been busted, resulting in accounts being frozen or tokens being seized. In worse and many cases, liquidation of assets was also done by the authorities.

Seoul wasn’t spared

Earlier this year, the crypto-related operations spilled over South Korea’s capital, Seoul, where crypto assets were seized from 1,566 individuals and 676 companies that belonged to the highest tax band.

Some of the guilty party, including a rich owner of a hospital, pleaded that their coins not be sold, and have exerted effort to pay their outstanding tax bills through fiat currencies.

Meanwhile, a smaller number of offenders from areas like Daejeon, Gyeongju and South Gyenongsang Province, also had their coins taken into custody by authorities.

Big fishes from Gyeonggi Province

According to MBN, the country’s tax body was able to seize $46.7 million worth of crypto from a total of 12,613 tax evaders from the Gyeonggi Province which surrounds Seoul and is home to tech giants Naver, Samsung and semi-conductor heavyweight SK Hynix.

Among the evaders was a doctor who owns a lucrative private hospital and had amassed $2.5 million worth of bitcoin and a TV home shopping star who owns ethereum holdings worth $440,000.


Image courtesy of Cointelegraph News/YouTube

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