Quick Takeaways
- A global crypto syndicate stole over $28 million from Korean celebrities and investors
- Victims included BTS’s Jungkook and high-powered executives
- 16 hackers were arrested, with millions in assets frozen and returned
Crypto Syndicate Hits Korea’s Rich and Famous
South Korea has just taken down what may be its most brazen cybercrime operation yet a crypto syndicate that stole millions from the country’s most powerful people.
We’re talking about celebrities, CEOs, and crypto investors even BTS’s Jungkook was on the target list. Over $28.1 million (₩39 billion) was siphoned off from both bank and crypto accounts, leaving digital wallets drained and reputations rattled.
The Seoul Metropolitan Police said the operation was run by two Chinese ringleaders, who managed the scheme from abroad, recruiting others and executing the attacks between July 2023 and April 2024. In total, 16 people have been arrested.
How the Crypto Syndicate Pulled It Off
Here’s how they did it. First, they breached databases from government and financial institutions, stealing personal data. Then they used that data to create fake mobile phone accounts over 100 of them to bypass security systems and take over victims’ financial platforms and crypto wallets.
They weren’t just casting a wide net. They were precise. Out of 258 individuals profiled which included 28 crypto investors, 75 executives, and 12 celebrities the attackers went after just 26 of them. Why? Because those 26 held a combined $39.8 billion (₩55.22 trillion) in assets.
The Biggest Crypto Theft? $15.4 Million
While the total amount stolen is already shocking, the largest single hit was a $15.4 million (₩21.3 billion) crypto theft.
Thankfully, not all their plans worked. Financial institutions stepped in to block $18 million (₩25 billion) in attempted thefts. Authorities were also able to freeze and return $9.2 million (₩12.8 billion) to victims.
Still, this case sends a clear message: if you hold crypto, you’re a high-value target now.
Jungkook’s $6.1M Stock Nearly Vanished
One of the most high-profile targets was Jungkook of BTS. Hackers tried to steal $6.1 million (₩8.4 billion) in stock from his Hybe Entertainment holdings just after he entered mandatory military service a time when his guard was naturally down.
Luckily, the banking system flagged the suspicious transfer, and his management jumped in to stop it. He didn’t lose any funds, but the attempt alone shows how bold these hackers have become.
Police Act Fast But the Threat Is Bigger Than Ever
With help from Interpol, the two ringleaders were arrested in Bangkok, and one has already been extradited to South Korea. He’s now facing 11 serious charges, including financial and cyber crimes.
Oh Gyu-sik, who leads Seoul’s cyber investigation unit, called the attack “unprecedented.” He warned that with the way these criminals were able to bypass non-face-to-face authentication systems, the potential damage could have been far worse.
And experts agree this is just the beginning if stronger security measures aren’t put in place.
What Crypto Investors Should Learn From This
Rich O., regional manager at hardware wallet company OneKey, didn’t hold back when talking to Decrypt.
“This shows how vulnerable crypto holders really are,” he said. “These hackers didn’t just go after random people.
They profiled them using real data, breached government systems, and then launched very targeted attacks.”
