S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’


S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’

Incheon Metropolitan City, a major city in South Korea, recently seized a total of 460 million won (nearly $375,000) worth of crypto assets as part of its ongoing efforts to crackdown on tax dodgers. According to a local news report, the seized crypto assets are believed to be the profits of illegal real estate speculation.

Earlier this month, the local government of Incheon reported that it has uncovered a leaked list of 1,600 taxpayers suspected of tax evasion. The list contained information of those who may have underreported their earnings and subsequently generated tax-evading income from real estate-related investments.

The government continued to say that it has taken action against the fraudsters, including seizing their crypto assets, and plans to recover more than 10 billion won (about $8 million). Furthermore, the government has filed criminal complaints against those on the list who have intentionally evaded taxes.

This is not the first time the local government has taken action against crypto-related tax dodgers. In late 2019, the Incheon Metropolitan City seized 6.2 billion won (over $5 million) worth of crypto assets generated from illegal real estate investments.

Overall, the South Korean government has been actively cracking down on illegal activities involving crypto-assets, in an effort to bring justice to those who may have committed fraud. With the recent seizure of crypto assets from tax dodgers, authorities are hoping to better ensure that citizens pay their taxes, as well as prevent future occurrences of these types of activities.