A cryptocurrency scammer who went to extraordinary lengths to evade capture has been apprehended by South Korean authorities. 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, ultimately defrauding 158 victims of a total of 16 billion won (approximately $15.6 million).
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, at a cost of about 21 million won ($16,000). He also resorted to wearing wigs to further disguise himself.
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, analyzing surveillance footage, phone records, and 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.
The arrest of the cryptocurrency scammer serves as a reminder of the importance of vigilance and cooperation between law enforcement agencies in the fight against crypto-related crimes.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: Crypto Mining News - Bing
