South Korean Woman Steals $480,000 in Crypto to Pay Off Debts

A South Korean woman has been arrested for allegedly stealing a friend’s $480,000 (700 Million won) worth of cryptocurrency to pay off her debts. The incident occurred after the woman met her victim on a chat app a few months ago.

South Korean Woman Steals $480K in Crypto to Settle Debts

On January 7th, the woman reportedly stole her friend’s phone from their home in Jeju City and used it to access the victim’s crypto holdings. She sold the cryptocurrency for cash, transferring the funds to her own bank accounts.

The suspect fled the scene but was tracked down quickly after the victim reported the theft. Police arrested her in Gomi, North Jeolla Province, on January 8th. The woman reportedly confessed that her motive was to pay off debts.

Authorities are continuing to investigate the case. This follows previous incidents in South Korea where individuals have been sentenced for similar crimes involving cryptocurrency theft.

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Previous Crypto Theft Cases in South Korea Highlight Growing Concerns

In December 2024, a South Korean banker was sentenced to 15 years in prison for stealing $12.4 million from his employer, Woori Bank, to fund his cryptocurrency addiction. Over a period of 10 months, the banker forged loan documents, funneled money into his accounts, and spent $10.4 million on crypto investments. Unfortunately, he lost $4.35 million in failed crypto ventures. The court ordered him to repay 10.52 billion won ($7.3 million). While $3 million worth of assets were seized, the remaining $4 million is considered unrecoverable.