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A court in South Korea sentenced a man named Kim to eight years in prison for stealing bitcoins valued at 500 million won ($332,000). He was identified as a member of a significant organized crime syndicate known as “Chilseongpa.”
This group was previously referred to as the Seven Star Mob, according to Korean media reports.
Based on the case materials, in July 2019, Kim received bitcoins from an acquaintance for the purpose of exchanging them for cash. Under the terms of the agreement, Kim was to sell the BTC, retain a 0.5% commission, and return the remaining funds. However, he squandered all the money on online gambling, the investigation stated.
During the trial, the man evaded law enforcement, and in February 2021, he joined a group involved in investment fraud via Telegram. The court found that within the organization, Kim posed as an investment consultant, collecting funds from victims and subsequently converting them into cash.
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Over the course of a year, the criminal network deceived 149 individuals, executing 741 transactions and stealing approximately 9.7 billion won. The perpetrators exploited fluctuations in gold and cryptocurrency prices to mislead investors, as noted in the verdict.
The defendant faced a life sentence, which the victims advocated for. However, the court took into account that the accused admitted to most of the charges and expressed remorse.
In Seoul, another man is set to stand trial, suspected of poisoning a business partner over a dispute related to cryptocurrency.
Previously, South Korean authorities apprehended a crypto scammer who, in 2019, stole cryptocurrency worth 120 million won (approximately $81,000) and had long been officially declared deceased. He was found abroad, deported back to his home country, and all his crypto assets were confiscated.
