South Korean Tax Body Liquidates Crypto Worth Over $800,000

The South Korean National Tax Service (NTS) reportedly has liquidated cryptocurrencies belonging to a taxable individual worth over 1.3 billion won or approximately $800,000 USD. The individual is liable to pay taxes due to income earned from trading cryptocurrencies. This event marks the first time the NTS has liquidated cryptocurrencies for tax arrears purposes. The tax agency sold the seized crypto assets through the auctions held by the Korea Asset Management Corporation (KAMCO) to settle the tax liabilities.