South Korean police arrested a man in his 40s in August 2024 for allegedly orchestrating a major cryptocurrency scam that defrauded 158 investors of a total of 16 billion won (about $12 million).
The scam was reportedly carried out from November 2021 to June 2022, with the suspect promising investors an 18% monthly return rate under the guise of a fake cryptocurrency mining business. Individual losses to victims ranged from 1.2 million won to 250 million won.
After failing to attend a pre-trial hearing in September 2023, the suspect managed to evade capture for 10 months by spending about 21 million won on eye, nose and facial contouring surgery and wearing a wig to change his appearance. (Bitcoin.com)