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North Korean Defector Orchestrates $728K Crypto Scam Targeting Fellow Defectors and South Korean Citizens

North Korean Defector Orchestrates $728K Crypto Scam Targeting Fellow Defectors and South Korean Citizens

Published:
2025-07-11 16:14:01
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BTCCSquare news:

A North Korean defector and former soldier allegedly masterminded a cryptocurrency fraud scheme, duping 21 victims out of 1 billion Won ($728,000). The Siheung Police Station received a flurry of complaints over four days, revealing a calculated operation targeting vulnerable defectors and locals.

The perpetrator, a decade-long South Korean resident, was initially recruited by a Chinese national to promote a fraudulent crypto platform. She enlisted two fellow defectors before expanding her net to South Korean citizens. Investors were instructed to transfer Korean Won to her account, which was then converted and funneled into a counterfeit app.

Early participants managed to withdraw funds over a year ago, but later investors faced total losses when the platform abruptly froze in early July. The scam underscores the persistent risks of unregulated crypto schemes and the exploitation of trust within diaspora communities.

|Square

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