{"id":3553,"date":"2023-05-03T06:23:27","date_gmt":"2023-05-03T10:23:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/legal-twist-let-south-korean-treasury-make-3-7m-from-seized-crypto\/"},"modified":"2023-05-03T06:23:27","modified_gmt":"2023-05-03T10:23:27","slug":"legal-twist-let-south-korean-treasury-make-3-7m-from-seized-crypto","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3553","title":{"rendered":"Legal Twist Let South Korean Treasury Make $3.7m from Seized Crypto"},"content":{"rendered":"
\n

A legal twist allowed the South Korean Treasury to make a large profit on crypto seized by law enforcers in 2018 \u2013 and liquidated while Bitcoin (BTC) was trading for just under $40,000.<\/p>\n

Recently published legal documentation shows that the Busan District Prosecutor\u2019s Office seized coins \u201cworth about $413,000\u201d in 2018.<\/p>\n

After a long legal struggle, the Treasury succeeded in liquidating the coins in January 2022.
\u00a0<\/p>\n

The media outlet Newsis reported:<\/p>\n

\n

\u201cAt the time of the sale, the worth of the coins had soared about nine times to around $3.7 million.\u201d<\/p>\n<\/blockquote>\n

The office did not reveal which kind of coins it had seized.<\/p>\n

But the closing price for Bitcoin was just over $38,500 at the end of January 2022.<\/p>\n

Where Did Seized South Korean Crypto Come From?<\/h2>\n

The crypto in question belonged to a gold smuggling gang.<\/p>\n

The gang had been buying gold in Hong Kong and smuggling it to Japan via Busan Port, one of Asia\u2019s busiest cargo ports.<\/p>\n

The gang had been hiding gold bars in containers that passed through the port.<\/p>\n

The smugglers then moved the gold into air terminals where they were loaded onto airplanes bound for Japan.<\/p>\n

A court in 2020 heard that the gang had smuggled \u201c40 tons of gold bars\u201d to Japan via South Korea in 2016.<\/p>\n

Four gang members were convicted in 2020.<\/p>\n

A judge handed out fines and jail sentences of up to four years.<\/p>\n

But while the court was able to order the return of gold bars and fiat seized by police in 2018, a lack of crypto-related legal infrastructure hampered efforts to liquidate the tokens.<\/p>\n

Prosecutors finally managed to secure legal permission to sell the coins in June 2021.<\/p>\n

But further legal hurdles slowed the sale until January 2022.<\/p>\n

Last month, South Korean lawmakers promised to roll out a new crypto regulation law that they claimed would \u201cprovide more protection\u201d for crypto investors.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A legal twist allowed the South Korean Treasury to make a large profit on crypto seized by law enforcers in 2018 \u2013 and liquidated while Bitcoin (BTC) was trading for just under $40,000. Recently published legal documentation shows that the Busan District Prosecutor\u2019s Office seized coins \u201cworth about $413,000\u201d in 2018. After a long legal […]<\/p>\n","protected":false},"author":1,"featured_media":3554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-3553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nLegal Twist Let South Korean Treasury Make $3.7m from Seized Crypto | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A legal twist allowed the South Korean Treasury to make a large profit on crypto seized by law enforcers in 2018 \u2013 and liquidated while Bitcoin (BTC) was\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=3553\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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