Alleged Cryptocurrency Scammer Arrested in Seoul
An alleged cryptocurrency scammer’s five-year journey evading capture came to an end when he was apprehended for littering near a train station in Seoul, police reported on Friday.
Authorities revealed that their initial intention was to detain the individual for discarding a cigarette butt, but their suspicions grew when he pleaded to be released “just this once” and attempted to flee.
The man also declined to provide identification, pretended to be on a phone call, and offered to pay the officers in exchange for his release.
Upon interrogation, law enforcement discovered that he was sought for allegedly swindling 17.7 billion won ($13 million; £9.5 million) from 1,300 victims through a cryptocurrency scam.
The man, who is in his 60s, has an outstanding arrest warrant for 10 charges related to the purported cryptocurrency scheme, including fraud.
He has since been transferred to the Seoul Southern District Prosecutors’ Office, which is overseeing the investigation against him.
The rise in cryptocurrency-related crimes has raised alarms among governments worldwide.
According to blockchain analytics firm Chainalysis, cryptocurrency platforms suffered $2.2 billion in theft in 2024, while illicit players are estimated to have received $40.9 billion in cryptocurrency.
Last year, South Korean authorities arrested over 200 individuals for allegedly pilfering $240 million, marking what is thought to be the nation’s largest cryptocurrency investment scam.
