South Korean Crypto Con Artist Jailed for $2 Million Scam

In a shocking case of digital deception, a South Korean man in his 30s has been thrown behind bars for three years after swindling a crypto investor out of a staggering 2.93 billion won—that's around $2.04 million!

The Changwon District Court slammed the gavel down on the fraudster, known only as Person A, convicting him under the Act on the Aggravated Punishment of Specific Economic Crimes. This guy had the audacity to pose as a wealthy investment guru!

He hooked his victim, whom he met in an online chatroom, with promises of guaranteed principal and jaw-dropping annual returns of 30 to 50%. Can you believe it?

From December 2021 to August 2023, Person A milked his mark dry, receiving funds on a mind-blowing 324 occasions. He spun tales of investing in cryptocurrencies, but the truth? This dude had no assets, no job, and had already flushed billions of won down the drain in failed crypto ventures.

'Interest' payments

To keep his scam rolling, Person A threw some cash back at the victim, calling it "interest." Classic Ponzi scheme move, right?

The court wasn't buying it, though. They pointed out that even though some money was returned, the damage was far from undone because of the shady way it was paid back.

Judge Kim Seong-hwan, who handed down the ruling, made it clear that the actual profits were a drop in the bucket compared to the total amount defrauded. And the chances of the victim getting their full money back? Slim to none.