An importer was caught evading customs duties by declaring high-priced latest-model virtual asset mining machines imported from overseas as low-priced used products to customs.
On the 10th, Incheon Airport Customs of the Korea Customs Service announced that it had sent importer A (44) to the prosecution without detention on charges of violating the Customs Act. A is accused of evading customs duties worth about 200 million KRW while importing 698 units of the latest virtual asset mining machines worth about 2.5 billion KRW through overseas direct purchase.
During customs inspection, Incheon Airport Customs discovered that the model A declared for import was different from the actual product. Upon disassembling the mining machines, it was confirmed that they were equipped with high-priced, high-spec graphics cards and other latest components.
They also compared the selling prices of the same model handled by shopping malls and confirmed that A had declared a low price, leading to a full-scale investigation.
While conducting the investigation, Incheon Airport Customs analyzed A’s previous import declaration records and X-ray images of the imported goods. They then conducted a search and seizure, securing price data of the actual goods paid for with virtual assets, proving the customs duty evasion charges over a total of 45 occasions.
High-value virtual asset miners seized by Incheon Airport Customs. Provided by Korea Customs Service
The investigation revealed that from November 2022 to recently, A imported high-priced latest-model virtual asset mining machines a total of 45 times for personal use or sale. However, he evaded customs duties worth about 200 million KRW by falsely declaring them as old, low-priced used models to customs.
Customs officials judged that it would be difficult to verify the latest model status of the mining machines or inspect the components installed inside the machines at the customs site, and concluded that A declared the latest mining machines worth over 20 million KRW as old models priced around 400,000 KRW.
An official from Incheon Airport Customs said, “As virtual asset prices have recently formed at high levels, demand for virtual asset mining machines has increased. Customs plans to expand investigations and respond to similar criminal activities, judging that crimes involving low-price declarations of mining machines exploiting this trend will continue.”
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