South Korea Seizes $9.3M in Bitcoin and Luxury Assets From Crypto Fraudster
South Korean authorities have confiscated $9.3 million in assets including Bitcoin from a crypto fraudster who targeted the elderly and North Korean defectors.
According to the Seoul Central District Prosecutors’ Office, the fraudster who was sentenced to 10 years in prison refused to pay the fine imposed by the court and left the victims devastated.
The man’s operation ran from 2019 to 2021 and used multi-level marketing to scam victims, some of whom lost their life savings. Despite being convicted he showed no remorse and said “My family can live well because of this.”
Prosecutors found that the man’s family was living in luxury, in a billion won apartment, using the crime money to pay for private tutoring and preparing to move to Canada.
Luxury Assets, Artworks, and Properties Seized
Authorities seized a wide range of assets acquired through the scam including high value crypto such as Bitcoin, luxury cars like Rolls Royce and Lamborghini, designer goods. Artworks, precious metals and resort memberships were also among the seized items.
Prosecutors revealed that the fraudster had tried to hide his wealth by registering assets under other people’s names and setting up shell companies. His property portfolio including a penthouse and commercial buildings was seized as part of the recovery.
In a statement the Seoul Prosecutors’ Office said, “Recovering criminal proceeds is the final justice and the first step of crime prevention.”
The Justice System’s Commitment to Restitution
This case shows South Korea’s strong stance against crypto fraud. By seizing the fraudster’s assets including Bitcoin the justice system is providing restitution to the victims and making crime doesn’t pay.
While prosecutors are still pursuing full asset recovery this case is a warning to fraudsters to not exploit the vulnerable for financial gain.
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