Crypto Scammer’s Plastic Surgery Fails Against South Korean Police
South Korean authorities have apprehended a fugitive who led a cryptocurrency scam defrauding investors of approximately 16 billion won ($12 million). The man, who remains unnamed, had been on the run for ten months before his recent arrest. He had gone missing after failing to attend a pre-trial detention hearing in September 2023.
To evade capture, the suspect invested heavily in plastic surgery, altering his eyes, nose, and facial contour, which cost him around 21 million won (approximately $16,000). Additionally, he used various wigs to further disguise his identity. Despite these efforts, police were able to track him down using surveillance footage, phone records, and his internet search history.
Details of the Scam
The fraudulent scheme involved promising investors an 18% monthly return through a cryptocurrency mining business. Between November 2021 and June 2022, the scam affected 158 victims, with individual losses ranging from 1.2 million won ($900) to 250 million won ($188,000).
The suspect’s arrest highlights the ongoing challenges South Korean law enforcement faces in combating cryptocurrency-related crimes. Recently, the CEO of Haru Invest, Hugo Hyungsoo Lee, was attacked during a court hearing. Lee was facing charges for allegedly stealing over $800 million from investors. The attacker, reportedly a victim of Haru Invest, has been arrested, and Lee’s injuries are not life-threatening.
Other Related Cases
In a related development, a South Korean civil servant has been charged with embezzling over $400,000 from government funds to invest in cryptocurrency. This case, along with the recent decision by the Montenegro Appellate Court to extradite Terraform Labs founder Do Kwon to South Korea, underscores the growing scrutiny of cryptocurrency operations and related legal challenges in South Korea.
Conclusion
The arrest of the crypto scammer, despite his extensive efforts to alter his appearance, reflects the persistent and sophisticated nature of cryptocurrency-related fraud. As authorities continue to tackle these crimes, the interconnected cases of high-profile individuals in the cryptocurrency space further illustrate the sector’s ongoing legal and regulatory struggles.
