ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / MONEY 101

Guy buys a second-hand fridge to store his kimchi. Then, he found $130,000 cash taped under it

The wealthy in Korea were hiding their money at home to avoid high tax rates at the time.
PUBLISHED NOV 9, 2024
Representational image of a man looking opening a refrigerator (Cover image source: Getty Images | Tetra Images)
Representational image of a man looking opening a refrigerator (Cover image source: Getty Images | Tetra Images)

Spending money on home appliances is usually a transaction where people spend money on the purchase, and on power bills as well as repairs for years to come. But buying a refrigerator turned out to be completely different for a South Korean man, who found a stash of cash, amounting to $130,000, taped to it. According to South Korean media outlet MBC News, the resident of Jeju Island bought the second-hand fridge online. MBC news reported that the stash of cash was wrapped in plastic and taped directly underneath the fridge.



 

"It was a large amount of money. It was absurd because we rarely had such cases," says a police officer handling the case. At the time, the police were still looking for the seller, however, the man would get to keep it after paying 22 percent tax if they were unsuccessful at doing so. At the time of publishing, South Korea was experiencing record-low interest rates in banks and that's why leaving the money in the bank wasn't something that wealthy people in the country were enthusiastic about. Instead, they chose to store wads of cash in the house to avoid paying taxes.

"Rich people save their cash at home by putting it in a kimchi refrigerator as they expect little return from a bank due to low interest rates," said the Bank of Korea (BOK) director Jang Min.

This is not the first time that a man has found a massive amount of cash inside a storage unit. Destiny had something planned for another man who bought a storage space for merely $500 and got millions. The story was shared by the man's friend, a woman who went ahead and narrated the story to "Storage Wars" star Dan Dotson. The woman shared that her friend found a mysterious safe inside the storage unit that they were unable to open. Dotson recalled the woman also sharing that they had to call a professional who was finally able to open the safe. “When that person opened it up, inside the safe, normally they’re empty, but this time it wasn’t empty, it had $7.5 million cash inside,” Dotson revealed.



 

However, in this case, the original owners of the unit heard about the cash and quickly returned to claim their money. They sent a lawyer who offered a reward if the man returned the bag of money.  Finally, the two parties reached a settlement and the buyer of the storage unit walked away with a whopping $1.5 million in profit on a $500 investment. Dotson later said that he too would have taken the  $1.2 million reward with no questions asked as it felt like the man wasn't dealing with ethical money and wouldn't want to find out what the original owners could do to get the money back had he said no to the reward. “$7.5 million is a lot of money… but that’s a lot of running, too," he added.

MORE ON MARKET REALIST
In the episode, the guest confirmed that the chair had been in her family for generations.
1 hour ago
Eric Roy developed the filters in response to the water crisis that he saw in Flint, Michigan.
2 days ago
Gavin Batarse, an avid baseball player came to the tank with his venture Glove Wrap along with his father and sister.
3 days ago
Vanna White is said to be considering an early exit from the show since she didn't get the raise that she wanted.
6 days ago
Cuban passed on the lesson that he learned at the age of 22 from his mentor to the young entrepreneur.
7 days ago
The importance of the sculpture was forgotten over time until someone spotted it decades later.
Dec 5, 2024
After a lot of analysis, Rick concluded that the leather jacket indeed belonged to Marlon Brando and thus began the negotiation
Dec 4, 2024
Many took to social media and pointed out just how awkward the scene was.
Dec 4, 2024
She went to a CVS store in Blacksburg to purchase a Mega Millions ticket for the upcoming big jackpot of $893 million on March 18, 2024.
Dec 3, 2024
A Costco membership comes with restrictions, so make sure that you know the rules.
Dec 2, 2024
Ruth L Gottesman got $1 billion in Berkshire Hathaway stock upon her husband's passing.
Dec 1, 2024
Although she didn't get a deal, her appearance on "Shark Tank" significantly increased the visibility of her brand.
Nov 21, 2024
Back in 2017, a woman spotted an envelope lying at a Walmart store with an important message.
Nov 20, 2024
The condition does make a difference, but some vintage pairs have fetched a good price even though they were in bad shape.
Nov 19, 2024
You can make good money selling or pawning vintage items or other items in good condition.
Nov 19, 2024
The models who present the prizes have also become popular faces on the show and have bagged other projects.
Nov 17, 2024
If you have a box of Disney VHS tapes in around your house, it's time to pull them out because they could be worth thousands.
Nov 16, 2024
He always makes it a point to buy two tickets at a time and select his own numbers.
Nov 12, 2024
The woman was apprehensive about the transaction and shared her experience on social media.
Nov 12, 2024
The woman even went on to say that her father's spirit had a role to play in her lucky streak.
Nov 11, 2024