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South Korean authorities arrest leader of $12 million cryptocurrency scam

GrafaGrafa2024/08/31 11:25
By:Liezl Gambe

South Korean police have arrested the leader of a $12 million cryptocurrency scam who tried to evade capture by spending nearly $16,000 on plastic surgery.

The Seoul Metropolitan Police Agency reported that the suspect had been on the run for 10 months after skipping a pre-trial detention hearing in September 2023.

During his time evading authorities, he spent 21 million won ($15,746) on cosmetic procedures to alter his facial features, including changes to his eyes, nose, and overall face shape, and used various wigs to disguise himself.

The suspect is accused of masterminding a cryptocurrency mining scam that defrauded 158 investors between November 2021 and June 2022, offering an unrealistic 18% monthly return.

Victims of the scam suffered losses ranging from 1.2 million won ($900) to 250 million won ($188,000).

Despite his attempts to change his appearance, he was apprehended in Gyeonggi Province in August, tracked down through phone records, internet history, and surveillance footage.

In a separate incident, the CEO of Haru Invest, a crypto deposit service, was stabbed multiple times in the neck during a court hearing.

The CEO, identified as Lee, along with two other executives, is facing charges for allegedly embezzling 1.1 trillion won ($825 million) in cryptocurrency from around 16,000 users.

The assailant, reportedly one of Haru Invest's victims, has been arrested, while Lee's injuries have been confirmed as not life-threatening.

These incidents highlight the growing legal scrutiny and physical threats faced by individuals involved in cryptocurrency-related frauds in South Korea.

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