South Korea's Supreme Court rules Bitcoin on exchanges can be confiscated

South Korea's Supreme Court has ruled that individually owned Bitcoin held in accounts on cryptocurrency exchanges like Upbit is subject to confiscation under the Criminal Procedure Act, according to a report by Money Today. The court determined that such assets qualify as electronic certificates with economic value. The ruling came as the court dismissed an appeal filed on Dec. 11 by an individual identified as A, who had challenged the seizure of their Bitcoin by an investigative agency. The Supreme Court found the confiscation to be lawful, upholding a lower court's decision.