Crypto Fraudster Gets Arrested After Face Surgery

Despite extreme measures to change his appearance, a South Korean crypto scammer was apprehended after a nearly year-long manhunt.

South Korean authorities have successfully apprehended a cryptocurrency scammer who went to extraordinary lengths to evade capture. The unnamed suspect, a man in his 40s, was arrested in August 2024 after nearly a year on the run, during which he defrauded investors of approximately 16 billion won (about $15.6 million) through a fraudulent cryptocurrency scheme.

The scam, which operated between November 2021 and June 2022, promised investors an enticing 18% monthly return on their investments in a purported cryptocurrency mining business. However, the scheme turned out to be a classic case of fraud, with 158 victims suffering significant financial losses, ranging from 1.2 million to 250 million won each.

The suspect's life as a fugitive began in September 2023 when he failed to appear at a pre-trial detention hearing. This prompted the court to issue an arrest warrant, leading to an intensive manhunt by the Seoul Metropolitan Police Agency.

In an attempt to avoid detection, the scammer took drastic measures to alter his appearance, including undergoing extensive plastic surgery that modified his eyes, nose, and facial contours. This transformation cost him around 21 million won (approximately $16,000). To further disguise himself, he also resorted to wearing wigs.

Despite these elaborate efforts, the fugitive’s attempts to evade justice were ultimately unsuccessful. The police employed a combination of advanced tracking techniques to locate the suspect. These methods included analyzing surveillance footage, combing through phone records, and scrutinizing internet search histories. After ten months on the run, authorities finally apprehended the scammer in an apartment in Guri, Gyeonggi Province, bringing the prolonged chase to a close.

This arrest is part of a broader trend of high-profile crypto-related crimes in South Korea. Just a day before this arrest, Hugo Hyungsoo Lee, the CEO of Haru Invest, was stabbed multiple times during his trial for alleged fraud involving over $800 million. In another separate incident earlier in August, a South Korean civil servant was charged with embezzling over $400,000 from government funds to invest in cryptocurrency.

These cases highlight the increasing complexity and seriousness of crypto-related crimes in South Korea, as well as the lengths to which criminals will go to avoid capture.

photo source / Blockonome