• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, June 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

$25 million worth crypto seized from South Korean investors

by Reshab Agarwal
April 25, 2021
in Crypto, News, Trending
Reading Time: 2 mins read
0
$25 million worth crypto seized from South Korean investors
TwitterWhatsappLinkedin

The South Korean government has been enforcing strict tax policies for crypto investors in the country. A few weeks back, they also announced that everyone needs to pay their taxes or the government could seize their holdings. And they just haven’t given this threat to make people pay taxes; the officials of South Korea actually seized crypto worth over $25 million from investors. These coins were seized from three exchanges, and the government plans to continue this until everyone pay’s their taxes.

You might also like

Gavin Newsom Accuses Trump Administration of Spreading Fake Protest Images

India Considers Grounding Boeing 787-8 Fleet After Ahmedabad Tragedy

Boeing Lays Off 180 Engineers in Bengaluru Amid Global Restructuring Drive

Seizure of crypto holdings

$25 million worth crypto seized in South Korea
Image Source: Bitcoin News

The total number of individuals that were affected by this is huge. To be precise, the exact number identified by the government was 1566 and even included heads of various companies that didn’t pay their taxes properly. They have already taken away the holdings of 676 individuals. And the remaining people will also soon face the dire consequences of tax evasion. The individuals who were affected by this urged the government to refrain from selling their holdings. And also promised that they would pay their taxes.

The government thinks that the individuals believe that the value of their currencies will increase even further. So, they are willing to pay taxes rather than the government keep or sell their coins. Individuals are either paying their taxes immediately after the government seizes them or are asking for some time to do so. The South Koren tax authorities also reported that the most popular crypto seized by them was Bitcoin, followed by Dragonvwin, XRP, ETH, and Stellar.

The government is working on their crypto tax games!

Bitcoin

A few days back, the US government announced a proposal to increase the capital tax gains to more than 39%. This was a big report, and the price of all cryptos crashed to lows, with Bitcoin moving below $50k after a long time. Governments realise that cryptocurrencies are here to stay, and it doesn’t make sense for them to not capitalize on the same. Instead of banning crypto, most governments are not trying to tax their gains. And they are enforcing strict laws to make sure that people file their taxes properly. This is actually good for crypto as it is getting accepted in the system of the government.

Very soon, we might even see the markets getting regulated a bit. This will be to prevent manipulations and make sure that the number of illegal activities drops. Yes, the kind where exchange owners flee from the country with over $2 billion holdings. Countries like India have already made it compulsory for exchanges to share all data of transactions of users with the government to properly track and tax them.


What are your thoughts on the South Korean government seizing $25 million worth of crypto from tax evaders? And do you think this will be enough to make everyone pay their taxes? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: Saudi Government might ban cryptocurrencies entirely!

Tweet54SendShare15
Previous Post

Spotify goes all in to tackle Apple’s paid podcast subscription service

Next Post

US State commends Satoshi Nakamoto and his creation Bitcoin

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Gavin Newsom Accuses Trump Administration of Spreading Fake Protest Images

by Anochie Esther
June 15, 2025
0
Trump

California Governor Gavin Newsom has accused the Trump administration and the U.S. Department of Defense (DoD) of spreading disinformation in an alleged attempt to justify the military deployment...

Read more

India Considers Grounding Boeing 787-8 Fleet After Ahmedabad Tragedy

by Anochie Esther
June 15, 2025
0
Boeing 787-8

India’s civil aviation sector is in mourning following one of its deadliest air disasters in recent history. An Air India Boeing 787-8 Dreamliner en route to London’s Gatwick...

Read more

Boeing Lays Off 180 Engineers in Bengaluru Amid Global Restructuring Drive

by Anochie Esther
June 15, 2025
0
Boeing

In a significant development that reflects the ongoing turmoil within the global aerospace industry, Boeing has laid off up to 180 engineers from its India operations as part...

Read more
Next Post
US State commends Satoshi Nakamoto and his creation Bitcoin

US State commends Satoshi Nakamoto and his creation Bitcoin

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?