South Korea's debt relief fund skips crypto checks on borrowers, raising write-off concerns
- —KAMCO does not check crypto assets of Saedoyak fund applicants when assessing property
- —In the Saechulbal fund, 269 of 17,533 borrowers hid crypto worth 10 million won or more
- —One borrower with 430 million won in crypto received 120 million won in debt relief
- —Total debt forgiven for borrowers who concealed crypto reached 22.5 billion won
Why it matters: The screening gap undermines the debt relief system and could accelerate tighter oversight of digital assets in South Korea.
Source: Bloomingbit