- A South Korean woman stole $480K in crypto to settle debts and fled to North Jeolla.
- The suspect accessed crypto funds through a stolen phone and used personal info.
- Previous crypto thefts in South Korea highlight rising digital asset crimes.
A woman in South Korea has been arrested for allegedly embezzling 700 million won ($480,000) of her friend’s cryptocurrency to pay off her debts. The incident, which happened in Jeju City, has further raised the alarm about the increasing cases of crypto-related crimes in the nation.
The suspect allegedly formulated a plan to attack her friend’s phone, whom she had met through a social networking chat app a few months before. According to authorities, the woman, On the night of January 7, stole his phone. She used the information she had gotten before the crime to get into his crypto wallets and transfer the money to her bank accounts.
Following the theft, the woman Departed Jeju Island on an early morning flight. The victim noticed the crime and immediately reported the case to Jeju East Police Station. The police arrested her and began to search for her across the country.
Quick Police Action
Police apprehended the suspect in Gumi, North Jeolla Province, on 8 January under the Act on the Aggravated Punishment of Specific Economic Crimes. During the investigation, the suspect confessed to the act, saying she took action because of the accumulated debts.
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It shows that cryptocurrency-related crime is gradually becoming complex in South Korea. Police have urged people to be vigilant in protecting their digital assets and gadgets to reduce the occurrence of such crimes.
Growing Trend of Cryptocurrency Theft in South Korea
Besides the regulatory actions, South Korea is also strengthening its legal measures to prevent unfair trade in the cryptocurrency market. This is especially seen with the Financial Services Commission’s enforcement of the Virtual Asset User Protection Act to promote a safe trading system free from fraud or scams, such as the recent “pump and dump” cases.
This incident can be added to many crypto-related crimes reported in South Korea. In December 2024, a South Korean banker was given a fifteen-year jail term for embezzling $12.4 million from his employer, Woori Bank, to place the money in cryptocurrencies. He defaulted on loan documents and transferred the money into his own and other people’s accounts for ten consecutive months. The court forced him to return $7.3 million, but $4 million cannot be recovered.
These cases indicate threats to the world of digital assets and the financial risks that may ensue. Authorities have warned that people invested in cryptocurrencies and using them to transact should be on the lookout for fraudsters and other threats and encrypt their investments.
