South Korean Bithumb Airdrop Recipients Hit With Tax Bills, Exchange Responds

South Koreans who received airdrop tokens and prizes from the Bithumb crypto exchange from 2018 to 2021 could face unexpected tax bills. Per Hanguk Kyunjae, Bithumb said on May 10 that it would foot the bill for customers who have been ordered to pay taxes on the giveaways. However, the exchange wants to challenge the National Tax Service (NTS)’s decision to retrospectively tax its customers. The NTS thinks that Bithumb gave away almost $61 million worth of assets to South Korean residents in the period 2018-2021. Bithumb says that 10,700 of its users were told to pay a total of $15 million in taxes last year alone. This is the first time the NTS has taxed South Korean airdrop recipients.

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