South Korea’s Jeju City Goes After Suspected Tax Evaders
Jeju City tax officials have moved to freeze and seize cryptocurrencies tied to people they believe owe unpaid taxes, part of a wider probe that checked nearly 3,000 residents.
According to local reports, authorities looked into 2,962 people who together owed close to 20 billion won (about $14 million), and found 50 of them held crypto on major exchanges.
Local Tax Office Uses AI
Based on reports, the city’s tax division used AI tools to scan exchange records and trace possible hidden holdings. Officials reviewed data from Bithumb, Dunamu’s Upbit, Coinone and Korbit to match accounts to outstanding tax bills.
The checks turned up roughly $166,270 in combined crypto assets tied to those 50 accounts — about 230 million won when…
