Korean $230 Million Cryptocurrency Scam Mastermind Captured: A Carefully Designed 'High-Yield' Slaughterhouse
On May 30, 2025, the South Korean police announced that A, the mastermind of a cryptocurrency fraud case who had been on the run overseas for two years, was extradited back to the country. This shocking scam, involving over $230 million and harming tens of thousands of people, revealed the bloody operation behind cryptocurrency investment scams.
Between 2021 and 2023, the criminal group led by A used the pretext of 'investing in virtual coins for 20 times the return' to scam 320 billion Korean won (approximately $230 million) through 28 types of fraudulent coins. They held 9 million phone numbers and bombarded potential victims with YouTube lectures and advertisements, specifically targeting clients of consulting firms, and even forged 'databases' to package a professional image. Even more outrageous, this gang established 6 investment consulting firms and 10 sales companies, with divisions as precise as 'phone script group', 'price manipulation group', and 'money laundering group', forming a complete criminal chain.
They packaged the scam with blockchain concepts, claiming that tokens had 'smart contract guarantees for returns', while in reality, prices were completely controlled by the criminal group. They designed narratives targeting human weaknesses, such as 'investing everything is the only way to change your fate' and 'internal channel quotas are limited', creating panic buying. Funds were transferred through overseas exchanges, and during his time on the run, A also laundered money in places like Malaysia and Australia, making it harder to trace.
While on the run, A canceled his passport, frequently changed identities, and even hid in Australia. However, the South Korean police froze his overseas accounts through Interpol, working with law enforcement from multiple countries to cut off the money chain, ultimately forcing him to return voluntarily. This case proves that no matter how clever a scammer is, they cannot withstand the iron-fisted crackdown of global cooperation. In 2025 alone, South Korea dismantled multiple cryptocurrency scam dens, with involved amounts exceeding 730 million won.
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