South Korean tax authorities have confiscated and liquidated digital assets valued at over $800,000 as part of an ongoing investigation into cryptocurrency tax evasion.

The National Tax Service (NTS), the primary tax authority in South Korea, announced the liquidation of frozen crypto assets valued at over $800,000. During a press conference held at their Seoul headquarters on May 14, officials displayed items confiscated during raids on prolific tax delinquents. In response to the burgeoning use of crypto for tax evasion, the NTS and its regional affiliates have intensified their crackdown on individuals who utilize crypto investments to conceal their income. These measures have resulted in the seizure and subsequent liquidation of digital assets belonging to numerous crypto holders throughout the nation. In the past five years, the NTS has reported implementing “forced collections” against 641 high-value and habitual tax evaders. According to their records, over $79 million worth of crypto assets had been frozen from tax offenders by the end of 2021. Following this, approximately $69 million in fines and outstanding tax payments were received from these individuals, leading to the unfreezing of their tokens. The NTS directly sold $800,000 worth of crypto from those who remained delinquent in their payments. This action suggests that the tax body currently holds digital assets valued in excess of $9 million. Should tax evaders fail to settle their obligations, the NTS is prepared to liquidate the entire $9 million.Furthermore, the NTS disclosed the confiscation of various assets belonging to tax delinquents, including valuable works of art, undisclosed inheritances, luxury cars, and prepaid golf course memberships. The tax body revealed that many of these delinquents maintained lavish lifestyles in expensive houses. Similar measures were implemented in the city of Hwaseong in March, where tax authorities confiscated crypto assets worth over $768,500 from tax offenders. Notably, a single individual was found to possess crypto assets worth approximately $567,000.