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Homepage / News May 30, 2018 79 views

Korea Seizes Bitcoin Worth $1.4 Million Following Supreme Court Ruling

Korea Seizes Bitcoin Worth $1.4 Million Following Supreme Court Ruling

The South Korean government is moving to confiscate 191 bitcoins seized in a youngster-porn cybercrime case in which the perpetrator has now been sentenced to jail and a $640,000 fine.

According to Korean news agency Yonhap, the move comes after South Korea’s Supreme Court ruled on Wednesday that cryptocurrencies can be observed as house with worth that can be subject to forfeiture in criminal circumstances.

As of press time, the almost 200 bitcoins are worth a little more than $1.4 million, according to CoinDesk’s Bitcoin Cost Index.

The Supreme Court order backs up a previous ruling from an appeal that overturned a decrease court’s choice to reject a prosecutor’s petition to forfeit the criminal’s cryptocurrency assets.

According to Yonhap, the reduced court denied the request based on the argument that cryptocurrencies only “exist electronically and have no physical type.” However, the appeals court later concluded that cryptocurrency can be noticed as “profit earned from trade in goods.”

It remains unclear, even so, as to how the South Korea authority would manage the forfeited digital assets. That said, today’s choice marks a notable legal reference, considering that there are ongoing criminal cases in South Korea involving cryptocurrencies.

As previously reported by CoinDesk, prosecutors from the Incheon district&nbspfiled a suit in December 2017 against a firm called Max Mining and 21 suspects in an alleged $250-million cryptocurrency mining fraud.

Most recently, prosecutors in Seoul have also raided numerous neighborhood cryptocurrency exchanges over suspicions of&nbspfraud and embezzlement, reportedly seizing assets for additional investigation.

Gavel and Korean won image by means of Shutterstock

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Published at Wed, 30 May possibly 2018 11:00:39 +0000