TechFlow news: In August 2024, South Korean police arrested a man in his 40s suspected of orchestrating a major cryptocurrency scam that defrauded 158 investors of a total of 16 billion won (approximately $12 million).
The fraudulent scheme reportedly ran from November 2021 to June 2022. The suspect lured investors with false promises of monthly returns of up to 18% through a fake cryptocurrency mining operation. Individual losses among victims ranged from 1.2 million won to 250 million won.
After failing to appear at a pretrial hearing in September 2023, the suspect evaded capture for 10 months by undergoing cosmetic surgeries—including eye, nose, and facial contouring procedures—costing approximately 21 million won, and by wearing wigs to alter his appearance.
Ultimately, authorities apprehended him using evidence gathered from surveillance footage, phone records, and internet search history.
