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The Police in a South Korean Town Seize Crypto for Unpaid Fines

The Police in a South Korean Town Seize Crypto for Unpaid Fines

South Korean police are finding new ways to make offenders pay their fines.

The police of South Korean town Gunpo are seizing crypto assets in offenders' digital wallets if they have failed to pay hefty traffic fines

According to the news report shared by JoongBoo Ilbo news outlet, this method was created as a contactless way to collect fines from insolvent citizens

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The officers have been ordered to review whether or not offenders who have fines larger than $730,000 hold any cryptocurrency. After identifying them, the police has a right to freeze crypto wallets and seize offenders' coins. 

Based on the news report, at least one offender has been affected by these measures. The identified offender had $38,000 worth of cryptocurrency in their exchange wallet. Despite that, the person failed to pay a traffic fine worth around $2,000. Therefore, the police seized and collected all crypto funds owned by this person

The overall statistics of such a method are rather promising. According to the data, during the first half of 2022, Gunpo police collected around $668,000 for traffic fines. By the end of the year, the police aim to collect $759,000, which means they have already collected 88% of the total amount. 

The Head of Gunpo Police Station, Kwak Kyung-ho has highlighted that this method will be applied to only those citizens who are maliciously avoiding paying hefty traffic fines

It is worth noting that in most cases, officers will seize crypto only when the bank accounts of the offender have been exhausted

Lastly, the news report notes that considering the good results of such an initiative, the government may consider applying it to all police stations across South Korea.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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