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BTS Star Jungkook Targeted as Hackers Steal $28.1M from South Korea’s Elite

South Korean police have dismantled a global hacking ring accused of stealing practically 39 billion gained ($28.1 million) from a few of the nation’s wealthiest and most high-profile figures, together with BTS member Jungkook.

The Seoul Metropolitan Police Company’s Cyber Investigation Unit introduced on the twenty eighth that 16 suspects had been arrested, amongst them two ringleaders recognized solely as Mr. A (35) and Mr. B (40).

Three of the suspects stay in custody, whereas others face prosecution for hacking, fraud, and violations of the Data and Communications Community Act.

Celebrities, Legal professionals, and Buyers Focused in South Korea’s Largest SIM-Swap Fraud

In accordance with South Korean information company JoongAng, investigators stated the hackers infiltrated six poorly secured web sites belonging to authorities companies, IT platforms, and monetary establishments between July 2023 and April 2024.

By exploiting these vulnerabilities, they stole the private knowledge of 258 victims, together with resident registration numbers and monetary authentication info.

The victims included 75 businesspeople, 11 legal professionals and officers, 12 celebrities, six athletes, and 28 digital asset buyers. Collectively, their accounts held an estimated 55.22 trillion gained, with some balances exceeding 12 trillion gained.

A legal define of the arrested group/ Supply: Seoul Metropolitan Police Company

The hackers allegedly prioritized rich people unlikely to reply rapidly, akin to these serving jail sentences or navy enlistments. Utilizing stolen identities, the group fraudulently opened 118 cell phone accounts within the names of 89 victims.

These SIM playing cards enabled them to bypass authentication techniques and siphon funds instantly from financial institution and crypto accounts. In whole, 39 billion gained was stolen from 16 victims, whereas a further 25 billion gained in tried thefts was blocked by monetary establishments.

The biggest single loss was 21.3 billion gained in digital property. Police additionally confirmed that BTS star Jungkook was focused within the scheme, with hackers making an attempt to steal 8.4 billion gained value of HYBE inventory.

Nonetheless, uncommon exercise was flagged by monetary establishments, and Jungkook’s company suspended the transactions earlier than losses occurred.

Authorities famous that 12.8 billion gained has already been recovered by means of measures akin to freezing accounts and blocking withdrawals. Nonetheless, the investigation highlighted a rising vulnerability in South Korea’s non-face-to-face authentication system, which the group manipulated to hold out its crimes.

The police crackdown started after the primary report of unauthorized telephone activations was filed at Namdaemun Police Station in September 2023. The suspects have been progressively apprehended between November and April.

The ringleaders, who traveled often between China and Thailand, have been caught in Bangkok in Could following worldwide cooperation between Seoul police, Thai authorities, and Interpol.

Mr. A was extradited to South Korea on August 22 after being arrested in the midst of an operation, whereas Mr. B stays detained in Thailand pending extradition.

Police say Mr. A has been charged with 11 offenses, together with large-scale fraud and community breaches, and will likely be transferred to prosecutors on the twenty ninth. Investigators proceed to pursue proof towards Mr. B and different accomplices.

“This incident of bypassing the non-face-to-face authentication system is unprecedented,” stated Oh Gyu-sik, head of Seoul’s 2nd Cyber Investigation Unit. “Given the size of the accounts they accessed, the injury may have been even larger. We are going to work to strengthen response techniques and higher shield residents’ monetary safety.”

South Korea Grapples with Rising Crypto Scams Amid Surging Adoption

South Korean authorities are intensifying efforts to fight cryptocurrency-related crime as scams, fraud, and unlawful monetary schemes proceed to floor throughout the nation, whilst adoption of digital property grows quickly.

On Could 15, the Jeju Metropolitan Police Company announced the arrest of 25 suspects linked to 4 legal teams operating a crypto funding rip-off that defrauded 48 victims of practically 734 million gained ($540,000).

The fraudsters posed as monetary advisors by means of faux name facilities, luring buyers onto counterfeit exchanges with guarantees of excessive returns and assured compensation.

In a separate case, a senior police officer from Incheon was charged with embezzling around 700 million won ($509,000) from at the least 10 victims in a bogus crypto undertaking. In the meantime, Park “Jonbur Kim,” a outstanding trade determine nicknamed the “Coin King,” faces trial over the fraudulent issuance and value manipulation of Artube coin, which brought about 68 billion gained ($47 million) in investor losses.

Authorities are additionally investigating large-scale money laundering through overseas payment platform Neteller Pay. Prosecutors say unlicensed cash changers processed 943.4 billion gained ($694 million) between 2019 and 2024, incomes practically 26 billion gained ($18.9 million) in commissions.

Investigators seized property, together with 4.4 billion gained in Ethereum hidden in private wallets.

Crypto-related fraud has prolonged into romance scams and superstar scandals. In July, a man in his 50s lost over 100 million won ($73,500) after a faux romantic associate satisfied him to put money into a fraudulent change.

In August, prosecutors sought a three-year prison term for actress Hwang Jung-eum, accused of embezzling 4.3 billion gained ($3.1 million) from her company to fund crypto purchases.

Regardless of these instances, South Korea stays one of many world’s most lively crypto markets. A Chainalysis report valued regional inflows at $130 billion in 2024, with greater than 10.8 million Koreans actively buying and selling digital property.

Over 10,000 investors hold balances above 1 billion won ($750,000), led by youthful merchants of their 20s who, regardless of being the smallest group by quantity, report the best common holdings.
Authorities at the moment are getting ready to approve the country’s first spot crypto ETFs and a won-pegged stablecoin, whereas exchanges like Upbit expand custody services to institutional clients.

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