Crypto Scammer Tried to Evade Authorities with New Appearance, but Was Arrested

South Korean authorities have apprehended the leader of a $12 million cryptocurrency scam who attempted to evade capture by undergoing nearly $16,000 worth of plastic surgery.

According to the Straits Times, the Seoul Metropolitan Police Agency reported that the suspect had been evading authorities for 10 months after missing a pre-trial detention hearing in September 2023.

During his time on the run, he spent 21 million won ($15,746) on cosmetic surgery to alter his facial features, including his eyes, nose, and overall face shape, and also used various wigs.

The individual is accused of orchestrating a cryptocurrency mining scam that defrauded 158 investors between November 2021 and June 2022, promising them an 18% monthly return.

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The losses for victims ranged from 1.2 million won ($900) to 250 million won ($188,000). Despite his efforts to change his appearance, he was eventually tracked down and arrested in Gyeonggi Province in August through phone records, internet history, and surveillance footage.

In another incident in South Korea, the CEO of Haru Invest, a crypto deposit service, was stabbed multiple times in the neck while attending a court hearing.

The CEO, identified as Lee, along with two other executives, faces charges for allegedly stealing 1.1 trillion won ($825 million) in cryptocurrency from about 16,000 users. The attacker, reportedly a victim of Haru Invest, has been arrested. Lee’s injuries are not life-threatening.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.