South Korea Arrests Fugitive in $15.6M Crypto Scam After 10-Month Hunt

• South Korean police captured a man involved in a $15.6M cryptocurrency ruse, ending a ten-month chase.
• The suspect underwent surgery, spending 21 million won to avoid authorities.
• The scam conned 158 victims, with losses ranging from 1.2 million to 250 million won each.

Recently, South Korean authorities successfully captured the suspect behind a cryptocurrency fraud plot that defrauded investors approximately S$15.6 million. The arrest, announced on August 29, follows an expansive ten months manhunt.

Suspect’s Efforts to Evade Capture

The suspect went to unique ways to avoid detection and capture. In an attempt to hide his identity, according to Blockchain Daily, he reportedly underwent plastic surgery, changing his eyes, nose, and facial looks. The procedures, which cost approximately 21 million won, were intended to make it impossible for authorities to identify him. In addition to the surgical changes, the suspect used hairpieces to conceal himself.

🚨🇰🇷#BREAKING: SOUTH KOREAN POLICE ARREST SUSPECT IN $15.6 MILLION #CRYPTO SCAM, UNDERRWENT PLASTIC SURGERY TO EVADE CAPTURE DURING 10-MONTH MANHUNT👇https://t.co/BcalZiNlFz pic.twitter.com/lqWrN9PbuG

— Blockchain Daily (@blckchaindaily) September 2, 2024

The operation, which ran from November 2021 to June 2022, involved the man enticing 158 victims with promises of a great investment opportunity. He claimed the investors could earn an 18% monthly return by participating in cryptocurrency. However, the entire plan was a scam, and the victims lost amounts ranging from 1.2 million won to 250 million won.

Intensive Investigation and Arrest

The Seoul Metropolitan Police Agency has strictly investigated the case since the exposed scam. An arrest warrant was granted after the suspect failed to appear at a pre trial detention hearing in September 2023. This marked the beginning of a determined effort by law agencies to track him down.
The investigation used a combination of footage, phone records, and internet search history to bring together the suspect’s movements. This detailed approach finally led authorities to an apartment in Guri, Gyeonggi Province, where he was arrested in August. The suspect’s capture has brought hope to the victims, who were disappointed by the fraudulent use. Authorities continue their investigation to ensure the case is thoroughly examined and justice is served.

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