South Korean police have arrested the leader of a cryptocurrency scheme that stole over 16 billion won, or around $15.6 million, according to a report by the Singapore-based media outlet The Straits Times.
The unnamed suspect went on the run in September 2023 after failing to appear for a pre-trial hearing, according to the report, and while missing for ten months, attempted to evade capture by changing his appearance.
According to the Seoul Metropolitan Police Agency, the suspect underwent plastic surgery to alter the features of his eyes, nose, and the overall shape of his face, which cost him about 21 million won, or around $16,000. In addition to the surgery, he also wore wigs to disguise himself further.
Law enforcement officials were able to determine they had the right person by using footage from surveillance cameras, phone records, and the suspect's internet search history, the report added.
Crypto Crime in South Korea
Crypto-related crime has kept South Korean law enforcement officials busy.
Earlier this month, authorities charged an unnamed South Korean civil servant with embezzling over $400,000 from government funds to invest in cryptocurrency over seven years, beginning in January 2017.
Also in August, the Montenegro Appellate Court upheld its decision to extradite Terraform Labs founder Do Kwon to South Korea to face charges of violating capital markets laws after rejecting an extradition request by the United States.
The Crypto Scam
The man in his 40s was apprehended earlier in August for deceiving 158 victims between November 2021 and June 2022 by promising a monthly return of 18 percent on investments in a so-called cryptocurrency mining business, according to the Seoul Metropolitan Police Agency. Police said the victims lost amounts ranging from 1.2 million to 250 million won.
The Manhunt
The man has been on the run for 10 months after failing to appear at his pre-trial detention hearing last September. The court issued an arrest warrant and the police began tracking him down.
Authorities said he managed to evade investigators by altering his appearance through plastic surgery on his eyes, nose and face contour -- costing about 21 million won -- and by wearing wigs.
The police said they were able to capture the man in an apartment in Guri, Gyeonggi Province, through surveillance footage, phone records and internet search histories.
A Costly Disguise
The man, who was apprehended in August, is said to have spent 21 million won, or approximately $15,746, on plastic surgery to alter his appearance. He underwent procedures on his eyes, nose, and the overall shape of his face, in an attempt to avoid capture. The suspect is also known to have worn multiple wigs.
Catching the Criminal
South Korean authorities, despite the suspect’s attempts to change his appearance, were able to track him down using internet search history, phone records, and surveillance footage. Police located the suspect in an apartment in Guri, Gyeonggi Province.
The Aftermath
The arrest of this individual highlights the ongoing challenges faced by law enforcement in combating cryptocurrency-related crimes. This incident serves as a stark reminder of the lengths some individuals will go to in order to avoid accountability for their actions.
