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‘Suspected Crypto Fraudster’ Joined South Korean President’s State Visit to Saudi

Tim Alper
Last updated: | 2 min read
The flags of Saudi Arabia and South Korea.
Source: Maksym Kapliuk/Adobe

A suspected crypto fraudster accompanied South Korean President Yoon Seok-yeol on a state visit to Saudi Arabia last month.

Per iNews24, media outlets in the country have discovered that the head of an unnamed crypto firm made up part of an “economic delegation” that traveled with Yoon in late October.

Yoon discussed cooperation between the two nations, and was accompanied by a group of businesspeople reportedly selected by the Federation of Korean Industries (FKI).

The South Korean President Yoon Seok-yeol and other officials on a state visit to Saudi Arabia in October.
The South Korean President Yoon Seok-yeol and other officials on a state visit to Saudi Arabia in October. (Source: Yoon Seok-yeol/YouTube)

But the crypto firm chief, referred to as “A” by the South Korean press” is “currently being investigated by prosecutors on fraud charges.”

Upon A’s return from the visit, the crypto firm chief posted in a crypto-related chat room, reportedly writing:

“It looks like good news related to Saudi Arabia is on its way. Please be patient.”

Did Suspected Crypto Fraudster Join South Korean President’s MBS Meeting?


The broadcaster SBS published details of an alleged text message conversation where A appears to have suggested they would be attending a meeting with “MBS.”

MBS, full name Mohammed bin Salman, is the Crown Prince and Prime Minister of Saudi Arabia.

KFI claimed that it had failed to “discover” that A was under investigation during the selection process as the crypto chief had applied under the name of another company.

But the federation said it would “strengthen” its “verification process” in “the future.”

A appears to have won a place on the “economic mission” by applying in the name of another of their companies.

A spokesperson for the crypto company said that it was unable to “disclose detailed information” about the reports.

But the firm disputed the veracity of the reports and claimed that some details were “untrue.”

However, opposition leaders complained that the revelations constituted a “disgrace to South Korea.”

A Democratic Party spokesperson stated:

“President Yoon Seok-yeol’s trip to the Middle East, with the head of a company under investigation for [crypto] fraud is a disgrace to the country and has brought about a loss of national prestige. The company courted investors by saying it would meet the Crown Prince of Saudi Arabia. [The trip was] used to promote fraud.”

Media outlets noted that A has never been convicted of fraud, but has faced controversy in the crypto world prior to the most recent probe.

A group of alleged victims filed a civil case against A, but withdrew their lawsuit after the crypto chief reportedly “reimbursed them for their losses.”

South Korean police and prosecutors have had a busy start to the month.

Investigators made 25 arrests in a swoop in the city of Daegu, and also shut down an alleged “international crypto fraud ring.”