Seoul Authorities Seize $22 Million In Cryptocurrency From Tax Delinquents - Reports

MOSCOW (Pakistan Point News / Sputnik - 23rd April, 2021) The Seoul metropolitan government has seized the cryptocurrencies of nearly 680 people who failed to pay their taxes, the Yonhap news agency reported on Friday.

The cryptocurrencies of 1,566 individuals and heads of companies in three cryptocurrency exchanges were found by the tax collection department, the news agency reported, citing the city government. More than 25 billion won ($22 million) in virtual assets from 676 people were seized by the city government.

After the city authorities arrested these funds, 118 taxpayers paid back 1.26 billion won. The city government said that the virtual assets of the other suspects would also be tracked.