Korean authorities caught a man who led a $12.8M crypto scam and hid with plastic surgery.
Kim promised high returns from a fake crypto mining business that deceived 158 investors.
The arrest followed a 10-month hunt where Kim tried to avoid capture with surgery and disguises.
South Korean authorities arrested a man accused of leading a $12.8 million crypto scam that victimised 158 traders. The suspect, known as Kim, was caught after a 10-month hunt. He had undergone plastic operations to avoid being recognised. His scheme promised customers an 18% monthly return through a fake digital currency mining business.
The Scam and Deception
Kim’s mission initiated in November 2021 and lasted up to June 2022. He convinced buyers with promises of high earnings and many deposited large sums of money. But instead of running a real mining operation, Kim took the funds for himself, leaving investors with huge losses.
By mid-2022, customers noticed they were not receiving the promised profits. So they started to complain, which led the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit to start speculating. The police quickly identified Kim as the main conspiracy and issued an detention warrant in September 2023 when he did not appear at a pre-trial hearing.
Efforts to Evade Capture
To avoid getting caught, he had extensive plastic surgery to change his eyes, nose, and face shape. This procedure cost him around 21 million won, which is about $16,000. He also used hair extensions and burner phones to hide his identity. Despite these efforts, authorities tracked him down using surveillance footage, phone records, and internet searches.
https://twitter.com/RoundtableSpace/status/1830113230317822118
In August 2024, police finally caught Kim in Guri, Gyeonggi Province. They also seized nearly $75,000 in cash and froze an additional $972,000 linked to the scam.
Impact on Victims and Legal Action
The scam seriously impacted the 158 victims, who lost over $12 million in total. Besides the financial damage, the case has raised concerns about how easily buyers can be deceived in the crypto space.
Authorities also detained five suspected accomplices, including the head of a law firm, who helped recruit investors. As the case continues, people wonder if the stolen assets can be recovered and how the victims will be compensated. What steps will be taken to prevent such fradulent activities in the future?
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