The Paju municipal government in Gyeonggi Province, South Korea, has announced plans to seize and sell cryptocurrencies held by citizens who owe taxes. On November 18, local media Yonhap reported that Paju city officials have issued notices to 17 people with a total of 124 million won, or about $88,600. The city warned these taxpayers that their crypto assets on the exchange will be confiscated and sold if their debts are not paid by the end of November.
According to the official WeChat account of the Liyang Procuratorate, in order to repay the credit card arrears, Xiao Wu (a pseudonym), who was waiting for work, took risks and cooperated with "money laundering companies" to resell virtual currencies for profit. After being reviewed and prosecuted by the Liyang People's Procuratorate according to law, on July 26, 2024, Xiao Wu was sentenced to six years in prison by the Liyang City People's Court for the crime of concealing and concealing the pr...