Bulletpoints:
• A 22 year old South Korean man was arrested for fraud and embezzlement for allegedly selling fake concert tickets to fuel his crypto trading habits.
• He was able to make over $34,500 from 191 victims who were desperate to find tickets.
• In September, the South Korean government reported tracing $1 billion worth of fraudulent crypto transactions and a 5 year jail sentence was handed out to a crypto fraudster.
A 22 year old South Korean man has been arrested for committing fraud and embezzlement while he was serving in the military. The man, who remains unnamed for legal reasons, was apprehended at the Heungdeok Police Station in Cheongju, North Chungcheong Province.
The police stated that the man had repeatedly committed crimes while still in service and took advantage of the desperation of buyers to find tickets to concerts of famous singers. He sold fake tickets online using his mobile phone, raising over $34,500 from 191 victims. It is believed that he began selling the tickets in February this year and he was arrested earlier this month.
The news of the man’s arrest comes after the South Korean government reported in September that they had traced $1 billion worth of fraudulent crypto transactions. That same month, a court in Seoul sentenced another crypto fraudster to five years in prison for swindling victims out of $1.7 million worth of crypto and fiat.
The man’s crime highlights the need for increased regulation of the crypto markets and greater awareness among investors. While this incident was particularly nefarious, it serves as a reminder to always do due diligence and research before investing in crypto. Additionally, it is important to remember that the crypto markets are still relatively new and the risks of trading crypto should not be underestimated.