Share this article
South Korea Seizes $47M Worth of Crypto for Back Taxes: Report
Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."
Updated Sep 14, 2021, 1:15 p.m. Published Jun 23, 2021, 10:13 a.m.
South Korean officials seized more than 53 billion won (US$47 million) in crypto from 12,000 people accused of tax evasion, the Financial Times reported.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The seizures are part of a months-long probe, The FT said Wednesday, citing the government for Gyeonggi province that encompasses the greater Seoul area.
- Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."
- Local exchanges that did not collect resident registration numbers of account holders were used to conceal assets, according to the Gyeonggi government.
- Investigators instead used mobile phone numbers to track down the alleged tax evaders. They included a "renowned home-shopping channel show host" who owed over $17,000 in tax and held $440,000 worth of crypto.
- The seizure forms part of a broader crackdown on the crypto industry in South Korea in a bid by the country to tackle fraud and money laundering.
- Crypto exchanges have until September to register with the financial regulator as virtual-asset service providers so the legality of their operations can be determined.
Read more: Banks in South Korea Instructed to Treat Crypto Exchanges as High-Risk Clients
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Boring Bitcoin's Green Light Moment Incoming?
BTC continues to bore traders with its directionless price action. But some indicators are pointing to renewed bullishness.
What to know:
- The Federal Reserve's recent rate cut did not significantly impact bitcoin's price, which remains directionless.
- Bitcoin's MACD histogram signals potential bullish momentum, while the dollar index's points bearish.
- The ETF flows continue to disappoint.
Top Stories
