Cryptocurrency Miner's Clever Trick Avoids Hefty Customs Duties

IconCryptoNewsTerminal Staff09 Jul, 2024

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Cryptocurrency Miner's Clever Trick Avoids Hefty Customs Duties

Cryptocurrency Miner's Clever Trick Avoids Hefty Customs Duties A cryptocurrency miner in South Korea has managed to evade a whopping 200 million won (approximately $160,000) in customs duties by cleverly misrepresenting the value of his imported mining equipment. The miner, identified only as Mr. A, imported 698 units of state-of-the-art cryptocurrency mining equipment worth 2.5 billion won ($2 million) through overseas direct purchases. However, he declared the equipment as low-priced used models with a long service life, significantly reducing the import tax liability. Authorities uncovered Mr. A's scheme after an investigation revealed that he had imported the high-priced equipment on 45 separate occasions from November 2022. The miner was reportedly using the equipment for both personal use and commercial purposes. Mr. A's actions highlight the growing problem of cryptocurrency-related financial crimes in South Korea. Customs authorities are now cracking down on such activities, leading to several high-profile arrests in recent months.

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