Ben H.

Jeju City tax authorities in South Korea have frozen and begun seizing cryptocurrency assets worth approximately 230 million won (≈ $166K) from 49 individuals suspected of tax evasion. The probe, which involved nearly 2,962 residents with unpaid taxes totaling 19.7 billion won (≈ $14.2M), leveraged data from major local exchanges—including Bithumb, Upbit, Coinone, and Korbit—along with AI-powered analysis to pinpoint hidden digital asset holdings.

The city has designated these exchanges as third-party debtors, paving the way for asset seizure if debts remain unsettled. Authorities emphasized that using AI to detect undeclared assets is a key part of their enhanced tax enforcement strategy