South Korean Supreme Court Backs Seizure Of Porn Bitcoins

South Korean Supreme Court Backs Seizure Of Porn Bitcoins

One hundred ninety-one bitcoins captured from a child-porn cybercrime case are now ready to be confiscated by the South Korean authorities. The criminal has been locked up and fined $640,000.

South Korea’s Supreme Court has ruled that cryptocurrencies are considered properties which can be forfeited in criminal cases, as reported by Korean news agency Yonhap.

At the time of this writing, the CoinDesk’s Bitcoin Price Index reported, the seized bitcoins, numbering almost 200, are valued at little over $1.4 million.

The appeal to reverse a previous lower court ruling was upheld by the Supreme Court. The ruling denied the prosecutor’s petition to sequester to suspect’s cryptocurrency deposits.

The lower court, Yonhap reported, argued that cryptocurrencies only “exist electronically and have no physical form” when it rejected the prosecutor’s request. The appeals court, however, sees cryptocurrencies as “profit earned from trade in goods” repealing the ruling.

There are also other famous criminal cases involving cryptocurrencies. Although it was not clarified what the government will do to the confiscated crypto assets, the court’s decision today is a good precedent for future cases.

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