S. Korean Local Court Confiscates 191 Bitcoin

It was the first time for a local enforcement agency in South Korea to confiscate cryptocurrency which was gained from illegal activities
01 February 2018   1237

The Suwon District Court ruled on Wednesday to seize 191 Bitcoins (~1 833 600$), as the profits were illegally obtained. The case concerned a person surnamed Ahn, who was indicted for operating adult sites, which is illegal in South Korea. The sites had 1.4 million registered members. 

Ahn was arrested last year for taking membership fees with Bitcoins, which the court believes is illegal. The Southern Gyeonggi Provincial Police Agency seized Ahn's 191 Bitcoin. It was the first time for a local enforcement agency to confiscate cryptocurrency which was gained from illegal activities in South Korea.

The court regarded cryptocurrencies as "actual assets," which have monetary value. The ruling added the criminal profit prevention law includes all types of properties, not just cash but goods which have economic value based on conventional social ideas, adding that cryptocurrencies have economic value.

Attorneys said the latest ruling doesn't necessarily mean that the court has given legal authority for digital currencies or confirmed their status as official currencies. 

It is worth mentioning that the Suwon district court ruled last year that "Bitcoin is not subject to confiscation." 

The ruling just showed that cryptocurrencies are assets and law enforcement agencies can seize or confiscate them if profits are in accordance with criminal activities.


 Suk Keun-bae

An attorney at Shin and Kim law firm

We have recently reported that South Korea launched a real-name trading system for cryptocurrencies, banning the use of anonymous bank accounts in transactions to prevent cryptocurrency from being used for money laundering and other illegal activities.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   149

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.