Financial scandal with a few shocks South Korea

A shocking financial scandal in which a couple was involved in South Korea in which a woman stole crypto wealth and cash from her friend reported a publication of the local news on May 16.

On January 5, the woman stole 683 million Won (more than $ 487,460 at the time of writing) crypto assets, 2 million won (more than 487,460 US dollars at the time of writing) in cash and a cell phone from her friend while he was sleeping.

The woman in the forties admitted all the above allocations. The district court in the Jeju province of South Korea condemned her for embezzlement and fraud and sentenced her to two years in prison.

The woman's legal team asked the court to be ingue in his decision and argued that the damaged party only lost 21.9 million in (approx. 15,630 USD at the time of writing), since most crypto assets were returned.

However, the Court did not have this application and emphasized that the total loss is great. The accused already has two earlier fraud assessments and was brought to the court at the time of crime for further fraud.

After the chainalysis of the On-Chain Analytics platform, South Korea was the 19th largest country in relation to the crypto launch. The country led the East Asia region when it received crypto assets worth around $ 130 billion in July 2023 to June 2024.

Over the years, the country has seen several crypto frauds. In particular, the CEO of Terraform, CEO of Kwon, which is legally available due to allegedly crypto frauds, also comes from South Korea.