Our weekly roundup of news from Asia curates the industry’s most important developments.
South Korean manhunt ends as suspect caught with brand new $15K face
South Korean police have apprehended 14 individuals involved in a fraudulent crypto mining scheme that pocketed 16 billion Korean won (about $12.1 million), according to reports citing an Aug. 29 press conference.
Police identified the scheme’s mastermind only as “Mr. A,” a common practice for suspects before official conviction. From November 2021 to June 2022, Mr. A allegedly deceived victims by promising an 18% monthly return on investments in the fake crypto mining business.
A plastic surgery advertisement in South Korea. (David Woo, CC BY-ND 2.0 via Flickr)
The investigation began after police received 21 complaints from across the country, leading to the arrest of Mr. A and three others in September 2023.
However, Mr. A did not appear at a pre-trial detention hearing, starting a 10-month manhunt.
He was finally arrested in July 2024 after undergoing multiple plastic surgeries, including procedures on his eyelids, nose and facial contouring to avoid detection.
Mr. A’s facial reconstruction is estimated to have cost around 21 million Korean won (approximately $15,900).
He reportedly used multiple burner phones and bank accounts while frequently changing his residence. To launder his criminal proceeds, Mr. A purchased cryptocurrency, which he then cashed out through an accomplice working as a manager at a law firm.
During the investigation, police confiscated 100 million Korean won (about $75,500) in cash from Mr. A’s hideout and seized assets worth 1.3 billion Korean won (around $982,000).
More unusual South Korean crypto news
South Korea is home to one of the world’s largest cryptocurrency markets. In the first quarter of 2024, the South Korean won surpassed the US dollar as the most-traded fiat for crypto…
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