People with unpaid taxes are rushing to make their payments after the Seoul Metropolitan Government began seizing cryptocurrencies of hundreds of tax delinquents who hid their assets in digital form.

The city government’s tax collection department found the cryptocurrencies of one-thousand-566 individuals and heads of companies who owe back taxes, seizing 25 billion won in virtual assets from 676 who owe a combined 28-point-four billion won in overdue taxes.

The city government plans to sell off the confiscated digital coins if the taxpayers fail to make their payments. If the sale price is greater than the tax arrears, the individuals would receive the surplus amount.

Since the seizure, 118 taxpayers have paid back a collective one-point-26 billion won, including a hospital director who owned 12-point-five billion won in virtual assets and has paid 580 million won out of one billion won owed in taxes.

One official said the city pursued the forfeiture when it realized there were many high-value individuals who were making handsome returns on the recent skyrocketing coin market but were dodging their taxes by stashing their assets in the virtual currency.