$400K Crypto Scam Unearthed in South Korea

Krutika Adani

Official Embezzles Funds

A South Korean civil servant has been caught stealing $400k by authorities. The accused was siphoning funds since 2017.

Officials Try To Recover Funds

After the civil servant was caught, he now risks losing his job, property and all savings as authorities now try to recover the funds stolen by him.

Part of a Larger Crypto Crime Nexus

The embezzlement was not a cew case but is a part of a pattern of cases involving crypto in the country.

Was in Contact With Several North Koreans

According to a local news agency Yonhap, the official was responsible for settling North Korean defectors in South Korea with access to funds which were meant for education and resettlement.

Possible Involvement of the North Koreans

North Korean state backed hackers and scammers have been caught several times targeting South Koreans.

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