According to local media reports, the value of cryptocurrency assets seized from alleged tax criminals in South Korea in 2021 and 2022 reached nearly 260 billion Korean won (184.3 million USD).
The highest amount of cryptocurrency seized from a single taxpayer was close to USD 8.87 million. South Korean tax authorities began collecting unpaid taxes by seizing cryptocurrencies last year after introducing the measure in 2020.
Authorities seize a tax offender's account or crypto assets after receiving data from exchanges. If the tax bill remains unpaid, the crypto assets are sold at market price.
