- An international hacking ring siphoned ~$28.1 million or 39 billion Korean won by targeting the crypto and bank accounts of 258 high-net-worth individuals.
- The syndicate orchestrated its attacks by breaching government and telecom websites to harvest personal data.
- The Seoul Metropolitan Police’s Cyber Investigation Unit, with help from Interpol, arrested 16 individuals, including two Chinese masterminds.
In a high-profile crackdown, South Korean authorities have dismantled an international hacking syndicate. The gang is responsible for stealing roughly $28 million or 39 billion Korean won from crypto and bank accounts of the nation’s wealthy elite.
The bust, announced by Seoul’s Metropolitan Police Cyber Investigation Unit, led to the arrest of 16 suspects. This includes two Chinese nationals who orchestrated the scheme from bases in China and Thailand between July 2023 and April 2024.
Advanced exploits of telecom and government systems
Among the syndicate’s targets were 258 affluent individuals, including celebrities and top business executives. Among them were 28 crypto investors, 75 business leaders, 12 celebrities, and 6 athletes. But the attempt to steal from was reportedly just 26 of them, whose accounts held a total of $39.8 billion or 55.22 trillion Korean Won.
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BTS star Jungkook targeted
Victims on the list include BTS star Jungkook. Shortly after his military enlistment in January 2024, hackers tried to liquidate 8.4 billion Korean won worth of his HYBE stock, but the attempted sale was halted in time by banks and brokerage intervention. The perpetrators transferred the shares to unauthorised accounts and even sold 500 of them to a third party, aiming to cash in on the ill-gotten gains.
The largest confirmed single crypto theft reached approximately $15.4 million or ~21.3 billion Korean won, though authorities have not disclosed how much of the $28 million total was in crypto. Experts warn that this case exposes a critical vulnerability in South Korea’s digital infrastructure, particularly against sophisticated international cybercriminal organizations.
South Korea has recently stepped up enforcement against crypto crimes, tackling scams that even misuse celebrity fame to deceive investors.
