South Korean Debt Collectors Coming for Crypto Holders South Korean debt collectors
are now seizing crypto in insolvency cases – and may soon be granted even more power to confiscate coins.
Per Hanguk Kyungjae, the Korea Deposit Insurance Corporation (KDIC), a firm that operates under the Financial Services Commission
(FSC), has begun “seizing cryptoassets for the first time” this year.
The KDIC typically gets involved in public and private insolvency cases. It often intervenes when bankrupt individuals
and firms declare an inability to repay depositors.
It also offers deposit insurance programs
for businesses of all sizes. The KDIC submitted data at the request of MP Kim Han-gyu, a member of the
National Assembly’s Political Affairs Committee.
The data shows that
the KDIC identified crypto holdings in 29 insolvency cases in the first half of 2023.
