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February 18, 2024

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

South Korea’s Incheon Metropolitan Government has seized roughly $375,000 worth of crypto as part of its efforts to crack down on tax evasion. Incheon district authorities state that the cryptocurrency, worth more than 433 million won (~$375,000 USD), was acquired illegally by a group of South Korean tax dodgers. Incheon city officials have stated that the crypto was earned and transferred via fraud, fraudulent sale of real estate, and embezzlement from a company in Incheon. The seized crypto has been transferred to the regional government’s cyber reserve, where it will remain until further notice. This marks a stark increase in the city’s efforts to crack down on tax evasion, as it previously only confiscated 12.7 million won (~$11,000) worth of crypto in 2019. Incheon government has urged citizens to report any suspicious activities regarding tax evasion or related activities.