The South Korean police have arrested 16 individuals, linked to a crypto hacking syndicate, who allegedly stole information as well as $28.1 million (approximately ₩39 billion) from financial and crypto accounts of 258 wealthy Koreans. These included celebrities and top business executives.
The Seoul Metropolitan Police Agency’s Cyber Investigation Unit stated that these 16 people ran an international hacking ring that systematically targeted South Korea’s wealthiest individuals, including K-Pop boy band BTS’ member Jungkook.
According to a local report, the group consisted of two Chinese ringleaders, who allegedly orchestrated the scheme from bases in China and Thailand between July 2023 and April 2024.
The police said that the criminal group hacked into government and bank websites to steal personal information from rich people. They then used this information to create over 100 fake phone accounts that bypassed security systems, allowing individuals to access the victims’ bank and crypto wallets without permission.
Targeting High-class Individuals
The hackers stole information from 258 well-known individuals, including 28 crypto investors, 75 business leaders, 12 celebrities, and 6 athletes. However, they only tried to steal money from 26 of these people, whose total account balances were $39.8 billion (approximately ₩55.22 trillion). Reports say that hackers stole from 16 people, with the biggest single heist being $15.4 million (approximately ₩21.3 billion).
Banks stopped an extra $18 million (approximately ₩25 billion) in thefts that were aimed at 10 more individuals, preventing more losses. Interpol assisted in capturing the two suspected ringleaders in Bangkok. One of the people charged has been sent back to Korea to face 11 counts, including crimes against the economy and the internet.
Crypto holders turn key targets
Authorities across the globe have noted that crypto investors are now prime targets, but they are only one group of wealthy people that hackers go after. In Jungkook’s instance, attackers are said to have attempted to steal over $6.1 million (approximately ₩8.4 billion) in Hybe Entertainment stock, the company that manages BTS, after he joined the military in January.
Oh Gyu-sik, head of the Seoul Metropolitan Police Agency’s 2nd Cyber Investigation Unit, said, “This incident of bypassing the non-face-to-face authentication system is unprecedented, and the vast sums accessed could have easily led to an even bigger crime.”
In June, hackers stole $448K worth of crypto assets from an investor from Cyprus. The hackers broke into the victim’s email and found the password to his digital wallet. The attackers then swiftly got into the wallet and moved €381,653 worth of assets to another account.
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