South Korean Prosecutors Seize BTC From Fraudster Who Targeted the Elderly

crypto scam South Korea

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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November 26, 2024

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South Korean prosecutors say they have seized Bitcoin (BTC) from a convicted crypto scam operator who targeted elderly citizens and North Korean defectors.

Per Asia Kyungjae, the Seoul Central District Prosecutors’ Office’s Crime Proceeds Recovery Division said on November 26 that it had “recovered” assets worth over $9.3 million.

South Korean Prosecutors Confiscate Bitcoin, Cars, and More

The unnamed fraudster was recently convicted of running a multi-level marketing-style crypto fraud operation.

A court earlier this year sentenced him to 10 years in prison and fined him around 13 billion won ($9.3 million).

However, the media outlet wrote that the man refused to pay “a single penny of the fines,” even though “some of the victims lost” their life savings to his scheme.

He reportedly told the court that he “did not regret” his crimes “even 0.01%” because “my family can live well as a result.”

Prosecutors said the man’s former wife and children continued to live in a luxury apartment “worth several billion won” after his arrest.

They said she also used his funds to pay for “expensive private tutoring” for their children. She also “enjoyed a life of luxury,” buying expensive goods, and “was even preparing to immigrate to Canada.”

However, the funds she used appear to have mainly come from the man’s crypto scam operations, which he ran from 2019 to 2021.

Prosecution bailiffs “secured” a range of assets “acquired using the proceeds of crime,” including expensive works of art, designer watches, and luxury bags, as well as “resort memberships,” imported cars, listed stocks, and cryptoassets.

They also seized the man’s property portfolio, which comprised a penthouse apartment, commercial buildings, and multi-purpose work-residential spaces.

Prosecutors said that he had tried to hide assets, including a Rolls Royce and a Lamborghini, stocks, Bitcoin, foreign currency, and cash deposits by registering them under other people’s names.

Artworks, Luxury Items Also Confiscated

The man also reportedly set up a bogus corporation to help hide the assets.

Bailiffs raided the man’s home and seized artworks, expensive watches, precious metals, and luxury bags all hidden in the property.

“Recovering criminal proceeds is the ultimate realization of justice and the first step in preventing crime. We will endeavor to recover them completely so that criminals cannot make a single penny from their crimes.”

Seoul Central District Prosecutors’ Office