Crypto Scammer Arrested South Korean Police Face Wigs

• South Korean police have arrested a crypto scammer that stole over 16 billion won (about $15.6M) in a fraud scheme.
• South Korean authorities apprehended the unnamed criminal after ten months on the run.
• Expensive plastic surgery wasn’t enough to keep an accused crypto scammer in South Korea out of jail.

South Korean police have arrested the leader of a cryptocurrency scheme that stole over 16 billion won, or around $15.6 million, according to a report by the Singapore-based media outlet The Straits Times.

The unnamed suspect went on the run in September 2023 after failing to appear for a pre-trial hearing, according to the report, and while missing for ten months, attempted to evade capture by changing his appearance.

According to the Seoul Metropolitan Police Agency, the suspect underwent plastic surgery to alter the features of his eyes, nose, and the overall shape of his face, which cost him about 21 million won, or around $16,000. In addition to the surgery, he also wore wigs to disguise himself further.

Law enforcement officials were able to determine they had the right person by using footage from surveillance cameras, phone records, and the suspect’s internet search history, the report added.

Crypto-related crime has kept South Korean law enforcement officials busy.

On Wednesday, Hugo Hyungsoo Lee, the CEO of Haru Invest—who was already facing charges for stealing more than $800 million in an alleged fraud—was stabbed multiple times by an attacker who reportedly was a customer of Haru Invest.

Earlier this month, authorities charged an unnamed South Korean civil servant with embezzling over $400,000 from government funds to invest in cryptocurrency over seven years, beginning in January 2017.

Also in August, the Montenegro Appellate Court upheld its decision to extradite Terraform Labs founder Do Kwon to South Korea to face charges of violating capital markets laws after rejecting an extradition request by the United States.