South Korean Government Confiscates IDR 27 Trillion Worth Of Crypto Currency From Tax Arrears

The South Korean government has confiscated around $184 million (approximately IDR 2.7 trillion) of cryptocurrency over two years due to tax arrears. Starting in 2021, the city of Seoul began seizing virtual assets from those accused of tax evasion.

Bitcoin.com reports Friday (30/9/2022), citing local media reports, citing official numbers provided by the Ministry of Economy and Finance, Ministry of Security and Public Administration, and the National Tax Service (NTS) of 17 cities and county authorities in Korea. South.

Of the total amount of more than 259.7 billion won, more than 176 billion won of assets were confiscated for non-payment of national taxes, and more than 84 billion won of cryptocurrencies confiscated for non-payment of local taxes.

About a third of the cryptocurrencies were seized from the capital cities of Seoul (17.8 billion won), Incheon (5.5 billion won), and Gyeonggi-do (53 billion won or more). The government allows foreclosure of virtual assets in the second half of 2020.

Since then, the largest amount of cryptocurrency seized per person was 12.5 billion won. People living in Seoul do not pay 1.43 billion won in local taxes and own 20 cryptocurrencies, including BTC 3.2 billion won and XRP 1.9 billion won.

This taxpayer has chosen to cover the debt and has asked him to keep his cryptocurrency investment. When Korean tax authorities confiscate an individual’s currency exchange account or assets, they will sell the coins at the current exchange rate unless the taxes owed are not paid.

Statistical data on seized cryptocurrencies was released in early August after the National Tax Service promised tough action against tax evasion through virtual assets and platforms.

Earlier this year, South Korea postponed a 20% tax on cryptocurrency-related income until 2025. The tax applied to capital gains of 2.5 million won or more was previously scheduled to take effect from January 2023.

Disclaimer: All investment decisions are in the hands of the reader. Research and analyze cryptocurrencies before buying and selling. is not responsible for any gains or losses arising from investment decisions.

Previously, South Korean authorities said on Wednesday (28 September 2022) and Wednesday (28 September 2022) they had asked two cryptocurrency exchanges to freeze $60 million worth of bitcoins linked to the metropolitan area.

In a report by CNBC on Thursday, September 29, 2022, the Seoul Southern District Prosecutor’s Office revealed that it had submitted requests to cryptocurrency exchanges OKX and KuCoin to freeze approximately 3,313 bitcoins related to the holdings of the CEO of Terraform Labs.

South Korean authorities are expected to arrest Dokwon this month and claim he is a fugitive. Prosecutors said that Interpol, a global police organization, had issued a “red notice” to Kwon.

These notices are issued to fugitives who are wanted for trial or conviction.

However, Kwon insisted that he did not run away and said on Twitter that he was not trying to hide it. The Cryptocurrency founder claims he’s hanging around his living room and coding.

kwon bitcoin wallet address

The Seoul Southern District Prosecutors’ Office declined to comment on how Bitcoin was linked to Mr. However, according to a study by analytics platform CryptoQuant, Luna Foundation Guard (LFG) created a digital wallet on September 15 and sent 3,310 bitcoins to KuCoin and OKX.

Luna Foundation Guard is a non-profit organization that aims to promote the Terra blockchain created by Kwon’s company, Terraform Labs.

LFG responded on Tuesday that it has not created a new wallet or transferred bitcoin or any other digital currency since May 2022. LFG also posted the wallet address on Twitter.

However, CryptoQuant replied “publicly owned”, noting that Luna Foundation Guard has other wallet addresses that are not explicitly associated with the non-profit organization.

Earlier, South Korean authorities announced that the International Police Agency (Interpol) had issued a red alert to Kwon Do, founder of Terraform Labs.

Kwon was charged with violating Korean capital market rules and facing legal problems in several jurisdictions. A red notice has now been issued for the co-founder of Terraform Labs, according to a text message from South Korea’s Attorney General. This means that law enforcement agencies around the world will now work together to find and arrest the cryptocurrency founder.

INTERPOL Red Notices for a fugitive to be Requests law enforcement agencies around the world to find and temporarily arrest anyone awaiting extradition, extradition or similar legal action to be tried or convicted.

However, at the time of writing, Kwon has yet to appear on the Interpol Red Announcement List, which includes the names of a total of 7,512 people. In the Decrypt report, Interpol said it does not comment on specific cases and individuals.

As Interpol puts it, “Please note that most of the Red Notices have not been published and are only used by law enforcement agencies.”

Kwon . Authority Hunt

Along with Terraform Labs co-founder Daniel Sheen, Kwon is a key figure in the stable TerraUSD algorithm and sister token LUNA, which was once the ninth largest asset in the industry by market cap.

The Terra ecosystem collapsed in May this year, causing massive damage to the cryptocurrency market. More than $40 billion (Rp 609.2 trillion) was lost from investors’ assets in a matter of weeks.

Previously, on September 14, prosecutors issued an arrest warrant for Kwon. They also asked the Ministry of Finance to revoke his passport. Interpol then requested a red alert for the metropolitan area.

According to prosecutors, Kwon left for Singapore in late April, but his whereabouts are unclear. Singapore police said earlier this month that he was not in the city.

Kwon last appeared on social media on September 17, stating that he was not a fugitive or anything like that on his Twitter account.

He also briefly stated that he was interested in communicating with every government agency and had nothing to hide.

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