A scandal has erupted in South Korea after a former North Korean soldier, now living in the country, allegedly defrauded 21 investors—mainly fellow defectors and South Korean citizens—by convincing them to invest in a fake cryptocurrency platform. The total amount stolen: 728,013 USD.

Fake App Used in Investment Scheme

Police in Siheung launched an investigation after receiving 21 complaints in just four days. The suspect, a woman who once served in the North Korean military, exploited her status within the defector community to gain trust and solicit investments.

The scheme began when she was contacted by a Chinese national who encouraged her to bring others into the fraudulent project. She recruited two other defectors before expanding her operation to target South Korean citizens. Victims wired funds to her account, which she claimed to convert into crypto and invest via a fake mobile app.

1 Billion Won Disappears as App Shuts Down

Things collapsed in early July when the fake app suddenly stopped working, leaving victims without access to their funds. While two early participants were able to withdraw their initial investments, the rest suffered total losses when the app froze.

The woman behind the scheme, who had lived in South Korea for over a decade, now faces investigation. Although she claims to have lost money herself, authorities say she actively recruited others and profited from the scam. She is expected to appear in court both as a witness and a possible accomplice.

Crypto Fraud Cases Rising in South Korea

This is just the latest in a growing trend. A few months ago, police arrested 25 individuals involved in four fake crypto investment groups on Jeju Island. These groups ran call centers and fake exchanges, stealing over $540,000. Authorities believe more victims remain unidentified.

South Korea has been cracking down on crypto fraud, especially targeting scammers posing as "crypto advisors" preying on small investors. Police continue to urge caution, warning against guaranteed profits and urging people to verify all platforms before investing.



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