South Korean Police Arrest Crypto Scam Fugitive in $13M Scheme

A man in his 60s wanted for orchestrating a massive cryptocurrency fraud involving approximately $13 million was arrested in Seoul after being caught littering near Sillim Station. The arrest occurred during a routine patrol when police became suspicious of his evasive behavior, including refusing to show identification, attempting to flee, and offering money to avoid capture. The fugitive had been on the run since 2020 and was charged with multiple serious offenses, including fraud and assault, related to defrauding around 1,300 investors through a scheme tied to the ‘Yehai’ project. This scam promised high returns but ultimately resulted in significant financial losses for victims, highlighting ongoing risks in the cryptocurrency market. The arrest was hailed as a major win against financial crime in South Korea, where authorities are increasingly cracking down on crypto-related fraud amid rising incidents globally. The suspect has been handed over to prosecutors, marking a key step toward justice for the victims and underscoring the need for vigilance in crypto investments.