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South Korean government official accused of cryptocurrency fraud

The charge is part of the authorities’ efforts to control cryptocurrency activities and ensure fair financial practices.

Date: 2024-03-28 Author: Marek Stiller
South Korean government official accused of cryptocurrency fraud

On March 27, a South Korean government official was arrested on charges of committing cryptocurrency fraud and conducting phishing attacks.

According to Fn News, the accused is an employee of a sixth-level district office. Police reported that she “received money from many victims.” The law enforcement agency claims she converted the fiat into bitcoin (BTC). She then reportedly sent the coins to “a member of a voice phishing gang.”

A government official in South Korea “worked for a voice phishing gang.”

It was reported that police in Seoul’s Dongdaemun district detained a woman “on suspicion of fraud” at a bank in Jegi district . The person employed “converted funds worth more than $74,000 from voice phishing scams into Bitcoin,” police said.

After that, she allegedly sent the money to “a member of a voice phishing organization.” The person allegedly paid her for her activities. According to reports, the woman stated that she was “tricked” into joining the gang by an individual. The person, she claimed, convinced her that she could make money “in a legitimate way.”

According to a police spokesman, officers are still examining the evidence. Police officials reported that theyarealso identifying potential additional victims.” They added that they have searched addresses linked to the civil servant and are currently verifying more information.

Police are “investigating” to determine whether the public servant used “information she learned on the job” to manipulate potential victims.

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Increased crime in the crypto space

Police have noted an increase in cryptocurrency-related crimes , including voice phishing, in recent years. The attackers often claim to be officials, tax service workers or bankers.

They often tell potential victims that their bank accounts have been raided or that they are being investigated for tax crimes. Attackers often tell victims that they have the power to solve these problems and invariably ask for bank transfers or cryptocurrencies to help “fund” their “solutions.”

In June 2023, the nation all over Korea was alive with the case of a government employee who allegedly fled to the Philippines after stealing some $3.5 million from the National Health Insurance Corporation (NHIC). NHIC handles South Korea’s nursing care funds. The government official allegedly embezzled the money from April 2022 to September 2022.

He then allegedly converted the money into cryptocurrencies. Afterwards, he allegedly fled to live a “luxurious life” in an expensive resort in the Philippines. Local police arrested the man in January of this year, and he was repatriated shortly thereafter and heard the charges.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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