Jeju City Seizes $1.66M in Crypto From Tax Evaders Using AI Data Analysis

Jeju City authorities have confiscated $1.66 million worth of cryptocurrency from tax evaders, leveraging AI-powered asset tracking to identify unreported holdings. The targeted individuals had failed to pay a combined sum in local taxes, with their assets traced across South Korea's four largest exchanges.

The crackdown stems from 2021 legal reforms granting authorities the power to treat crypto as taxable property. Seized digital assets will be liquidated, with any surplus returned to taxpayers. This move aligns with a broader nationwide trend, as other regions consider similar enforcement actions.

Financial officials issued a stern warning: cryptocurrency holdings are fully traceable, and tax evasion attempts will result in direct asset seizures. The Jeju City case demonstrates how governments are increasingly wielding blockchain analytics as a fiscal compliance tool.