TechFlow news, on January 9, according to the Korean media Chosun Ilbo, South Korea's Supreme Court ruled on December 11 last year that Bitcoin held and stored by individuals in virtual asset exchanges such as Upbit and Bithumb can be seized under the Criminal Procedure Act.
The case originated in January 2020 when police seized 55.6 Bitcoins from a suspect's account at a virtual asset exchange during a money laundering investigation. The Supreme Court stated that, according to the Criminal Procedure Act, objects subject to seizure include tangible items and electronic information. Bitcoin, as an electronic token with economic value that can be independently managed, traded, and effectively controlled, falls within the scope of items eligible for seizure by courts or investigative authorities.
This ruling clarifies the legal nature of cryptocurrencies stored in virtual asset exchanges and confirms their eligibility for lawful seizure during investigations. It is expected to serve as a precedent for future investigations, trials, and legislation related to virtual assets.
