TLDR:
South Korean police arrested a crypto scammer who defrauded investors of $15.6 million
The scammer underwent plastic surgery and wore wigs to evade arrest
He was on the run for 10 months after failing to appear at a pre-trial hearing
Police used surveillance footage, phone records, and internet search history to track him down
This is one of several recent high-profile crypto-related crimes in South Korea
South Korean authorities have apprehended a cryptocurrency scammer who went to extraordinary lengths to evade capture. The unnamed suspect, a man in his 40s, was arrested in August 2024 after nearly a year on the run.
The scammer was the mastermind behind a fraudulent cryptocurrency scheme that operated between November 2021 and June 2022.
He promised investors an enticing 18% monthly return on investments in a purported cryptocurrency mining business.
This scheme ultimately defrauded 158 victims of a total of 16 billion won (approximately $15.6 million), with individual losses ranging from 1.2 million to 250 million won.
The suspect’s life as a fugitive began in September 2023 when he failed to appear at his pre-trial detention hearing. Following his absence, the court issued an arrest warrant, and police began an intensive manhunt.
In an attempt to avoid detection, the scammer took drastic measures to alter his appearance. He underwent extensive plastic surgery, modifying his eyes, nose, and facial contours.
This transformation came at a hefty price tag of about 21 million won ($16,000). To further disguise himself, he also resorted to wearing wigs.
Despite these elaborate efforts, the suspect’s attempts to evade justice were ultimately unsuccessful. The Seoul Metropolitan Police Agency employed a combination of advanced tracking techniques to locate the fugitive. They analyzed surveillance footage, combed through phone records, and scrutinized internet search histories to confirm his identity and pinpoint his location.
After ten months on the run, authorities finally caught up with the scammer in an apartment in Guri, Gyeonggi Province. His arrest marks the conclusion of a prolonged cat-and-mouse game between the suspect and law enforcement.
This case is not an isolated incident in South Korea’s cryptocurrency landscape. The country has seen a series of high-profile crypto-related crimes in recent months. Just a day before this arrest, another significant event shook the crypto community.
Hugo Hyungsoo Lee, the CEO of crypto firm Haru Invest, was stabbed multiple times in the neck during his trial for alleged fraud involving more than $800 million.
In a separate case earlier in August, South Korean authorities charged a civil servant with embezzling over $400,000 from government funds to invest in cryptocurrency. This scheme allegedly took place over seven years, beginning in January 2017.
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