South Korean prosecutors have confiscated a substantial amount of Bitcoin (BTC) and other assets from a convicted cryptocurrency scammer who targeted elderly citizens and North Korean defectors. According to Asia Kyungjae, the Seoul Central District Prosecutors’ Office’s Crime Proceeds Recovery Division announced on November 26 that assets valued at over $9.3 million were successfully “recovered.”
The individual, whose name remains undisclosed, was recently sentenced to 10 years in prison for orchestrating a multi-level marketing cryptocurrency fraud scheme. Alongside the prison sentence, the court imposed a fine of approximately 13 billion won ($9.3 million). Despite the ruling, the convicted fraudster refused to pay “a single penny of the fines,” as Asia Kyungjae reported, even though some victims lost their entire life savings due to his fraudulent activities.
The scammer reportedly exhibited no remorse, telling the court, “I do not regret my crimes even 0.01% because my family can live well as a result.” Investigators revealed that, following his arrest, the man’s former wife and children continued to reside in a luxury apartment worth several billion won. Prosecutors noted that his wife also funded “expensive private tutoring” for their children and indulged in a lavish lifestyle, purchasing high-end items and even making preparations to immigrate to Canada. Much of this wealth, authorities concluded, was tied to the fraudulent crypto scheme he operated between 2019 and 2021.
Extensive Asset Recovery Operation
Prosecutors launched a broad recovery operation targeting assets acquired through the proceeds of the crime. Among the confiscated items were:
- Expensive works of art
- Designer watches
- Luxury bags
- Resort memberships
- High-end imported vehicles
- Listed stocks and cryptocurrency holdings
In addition, authorities seized an extensive property portfolio that included a penthouse apartment, commercial real estate, and multi-purpose work-residential properties.
The investigation revealed that the scammer had attempted to hide his wealth by registering assets under other individuals’ names, including luxury vehicles like a Rolls Royce and a Lamborghini, as well as stocks, Bitcoin, foreign currencies, and cash deposits. He also established a fake corporation to conceal these assets.
A raid on his residence uncovered a trove of hidden valuables, such as fine art, expensive watches, precious metals, and luxury goods. These items were promptly seized by bailiffs as part of the recovery process.
