Photo by Alesia Kozik
A man wanted in connection with a massive cryptocurrency scam was arrested in Seoul after police stopped him for a minor littering offence, officials said on Friday, bringing an end to five years on the run.
Authorities initially approached the man for discarding a cigarette butt near a train station. However, officers became suspicious when he pleaded, “just this once,” asking to be let go, and then attempted to flee the scene.
According to police, the suspect, who is in his 60s, also refused to present identification, pretended to answer a phone call, and even tried to bribe the officers to avoid being taken in.
Upon further investigation and questioning, authorities discovered the man was the subject of an outstanding arrest warrant related to a large-scale cryptocurrency scam. He is accused of defrauding 1,300 individuals of 17.7 billion won (approximately $13 million; £9.5 million) through a fraudulent investment scheme.
He faces 10 criminal charges, including multiple counts of fraud, and has now been transferred to the Seoul Southern District Prosecutors’ Office, which has been leading the investigation into the case.
The arrest comes amid a growing global crackdown on cryptocurrency-related crimes, which have drawn increasing concern from governments and regulators worldwide.
Data from blockchain analytics firm Chainalysis revealed that in 2024 alone, cryptocurrency platforms suffered losses of $2.2 billion due to theft. Additionally, actors engaged in illegal activity received an estimated $40.9 billion in digital assets.
South Korea has been particularly hard hit by crypto scams. Last year, law enforcement in the country apprehended over 200 individuals in connection with what is considered the largest cryptocurrency investment fraud in South Korean history, with a total estimated loss of $240 million.
