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A currently serving police officer in South Korea has been accused of fraud and embezzlement as part of an inquiry into an alleged 700 million won ($509,200) cryptocurrency fraud operation.
According to Newsis on June 11, the Anti-Corruption and Economic Crime Investigation Unit of the Incheon Metropolitan Police Agency has forwarded the case, which involves an unnamed senior superintendent from the Incheon West Police Station, to local prosecutors.
Authorities suspect that the officer misled “approximately 10 victims” by assuring them of “guaranteed returns” if they invested in a cryptocurrency-related venture.
South Korean Police: ‘Crypto Fraud’ Officer Under Prosecution Investigation
The investigation commenced earlier this year following the receipt of multiple complaints regarding the officer.
Incheon, South Korea. (Source: Vincent van Zeijst [CC BY-SA 4.0])
In response, the Incheon Metropolitan Police Agency has suspended the officer. A representative from the agency informed the media outlet:
“We can confirm that we have received several complaints about this police officer. However, we cannot disclose any further details regarding the [alleged] crime.”
In April, the same media outlet reported that a group of nine complainants alleged that the Senior Superintendent had caused losses amounting to around 1.7 billion won ($1.2 million).
At that time, the news outlet noted that the number of related complaints was “growing” as the investigation progressed.
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Crimes related to cryptocurrency are increasing in Incheon. The city has experienced a significant rise in USDT-related over-the-counter thefts this year.
A court complaint has been submitted to the Constitutional Court of Korea to assess whether the recent decisions by Seoul courts to postpone President Lee Jae-myung’s criminal trials were constitutional.https://t.co/5sG1qxAOPB
— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) June 11, 2025
USDT Thefts Increasing in Incheon
Authorities report that an increasing number of cryptocurrency traders are agreeing to discounted transactions for USD-pegged stablecoins after communicating in open chatrooms on messaging platforms like KakaoTalk and Telegram.
In many instances, these transactions prove to be fraudulent. Criminals frequently deceive their victims before absconding with thousands of US dollars’ worth of cash.
In another part of the country, a branch of the Seoul High Court has granted bail to Ahn Sung-hyun, the former South Korean golf professional accused of bribing officials at cryptocurrency exchanges to facilitate the listing of altcoins.
Yonhap reported that the court has imposed a travel restriction on Ahn and mandated that he pay a surety bond of 50 million KRW ($36,493).
A Seoul court has approved a request from actor Kim Soo-hyun’s agency to seize two apartments owned by Kim Se-ui, the operator of the YouTube tabloid Hoverlab, amid a growing legal dispute between the parties.https://t.co/YIFzGyegrB
— The Korea JoongAng Daily (@JoongAngDaily) June 11, 2025
Ahn is widely recognized as the spouse of K-pop star Sung Yu-ri, a former member of the popular all-female group Fin.K.L. The golfer was found guilty of embezzlement in December of the previous year.
A district court judge sentenced Ahn to four years and six months in prison. His legal team has filed an appeal against the ruling.
The post South Korean Police Officer Charged in $509k Crypto Fraud Probe appeared first on Cryptonews.
