In brief
- The South Korean woman transferred $488,000, approximately 683 million won, in crypto and took $1,430, or 2 million won, in cash while her boyfriend slept.
- Despite her claims of partial repayment, the Jeju court sentenced her to two years due to prior fraud convictions.
- The case follows a string of crypto-related crimes in Jeju and abroad, including murder and multimillion-dollar thefts.
A South Korean woman in her 40s has been sentenced to two years in prison for transferring $500,000 worth of crypto and cash from her boyfriend’s accounts while he was asleep.
The woman in her 40s, identified only as “A,” was convicted on May 15 of embezzlement and fraud for moving $488,000, 683 million won, in crypto from her partner’s wallet to her own on January 5.
She also stole his mobile phone and an additional $1,430, about 2 million won, in cash while he slept, bringing the total haul to roughly $489,000, or 685 million won, according to a local media report.
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Though the woman admitted to all charges at the Jeju district court, her legal team claimed the actual loss was just (21.9 million won) $15,600 because most of the funds had since been returned.
The court, however, found little cause for leniency.
“The total amount of damage is large,” the judge ruled, noting that the defendant had two prior fraud convictions and was already on trial for another fraud case at the time of the theft.
The conviction adds to a troubling rise in crypto-related crimes in Jeju and globally, as peer-to-peer trades increasingly lead to theft, assault, and even murder.
In February, a man in his 30s was found stabbed to death in a Jeju hotel after traveling there for a private crypto exchange.
South Korea Central Bank Rules Out Bitcoin as Reserve Asset
The Bank of Korea has ruled out the inclusion of Bitcoin in its foreign exchange reserves, citing concerns over the crypto's price volatility. In response to a March 16 inquiry from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee, the central bank pointed out the risks of Bitcoin’s price fluctuations, which can make it an unreliable asset for reserves. It marks the first time the central bank has clarified its position on the potential use of the crypto for...
Four Chinese nationals were arrested after allegedly fleeing with $63,000, or 85 million won, in stolen funds. Weeks later, six more Chinese nationals were detained on the island for stealing $610,000, or 840 million won, in digital assets from two other traders after a violent altercation.
The same month, in Florida, 22-year-old Maissa Jebali allegedly stole $850,000 worth of Trump-themed meme coins from her ex-boyfriend after a fight aboard his yacht. She now faces grand theft charges and possible deportation.
Edited by Stacy Elliott.
