The South Korean government is in another dilemma. It has already confiscated a significant amount of cryptocurrecy after some significant clamp downs during last quarters. Now it wants to cash them over. There are concerns raised in many quarters of the government over the efficacy of the auction method.
They don’t want to auction it off from the government website. The problem is associated with the internal trading within the governmental officials and certain reporters. It already has happened when the internal news about the crypto crackdown was used for unfair trading practices.
The prices were manipulated and then coins were sold before the governmental regulations went into effect. This led to many in the government being called off on corruption charges. The government had to introduce new commissions to look into the matter and file for some hearings.
South Korean government was investigating a criminal case when it came to acquire these crypto assets. The government has seized almost 192 Bitcoin Core (BTC). The assets belonged to some entity called “Ahn”. The entity was involved in some porn related operation on the Web.
Since the Supreme Court of the country has been clear on its verdict, government scan now sell these acquired assets. Supreme Court of South Korea has recently declared cryptocurrencies as legitimate properties which can be acquired and thus goes without saying, sold.
The most possible scenario of the auction off is the Korean management called Korea Asset Management Corporation (KAMCO), Onbid. It is to be noted that KAMCO is governmental owned asset Management Corporation. KAMCO also manages Onbid, which ensure the trading of the assets from the public sector entities.
This is not the first time when a government is trying to sell off the seized crypto assets. United States Marshall’s have done the same in the past. Germans have already employed some interesting techniques to pull it off last week.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.