Police in South Korea have apprehended members of a group allegedly using cryptocurrency to fund acts of vandalism and intimidation. These incidents, described as “private revenge” attacks, have involved defacing property, issuing threats, and even disseminating human waste, according to a recent report by Hankyoreh.
The perpetrators, allegedly orchestrated through the messaging platform Telegram, were reportedly compensated between $337 and $675, or the equivalent of 500,000 to 1,000,000 South Korean won in cryptocurrency. Interestingly, the individuals involved in at least three separate incidents since December have claimed ignorance about the identity of the ultimate payers.
In the latest arrests, two individuals known only as “Mr. Lim” and “Mr. K” were charged for vandalizing residential doors and distributing defamatory leaflets featuring messages such as “I will not leave you alone.” Mr. Lim, a man in his twenties, is also accused of scattering food waste and human waste on nearby staircases in the Suwon District, located just outside Seoul.
Authorities believe that this group operated under the guidance of a revenge organization active on Telegram, and they are currently pursuing leads to identify higher-ups in this scheme. Investigations are also underway to determine if these recent attacks are connected to a vandalism incident that occurred on December 7, where similar tactics were employed, including the distribution of defamatory leaflets and payments made via cryptocurrency.
These developments come on the heels of another notable case in South Korea, where a man faced murder charges stemming from a dispute involving Bitcoin investments. In that instance, the accused allegedly poisoned his business partner”s coffee with a banned insecticide after claiming the partner mismanaged his Bitcoin investments.
Additionally, South Korea”s regulatory environment surrounding cryptocurrency has faced scrutiny. Recently, the Bithumb exchange experienced a significant mishap, where around 2,000 BTC, valued at approximately $137 million, were mistakenly distributed to users instead of 2,000 South Korean won, equating to $1.35. Although Bithumb managed to reclaim most of the funds within minutes, the incident raised questions about internal controls in the cryptocurrency sector.
Moreover, it has come to light that officers from the Gangnam Police Station lost access to $1.4 million worth of Bitcoin over four years ago. Compounding these issues, the nation”s tax service publicly released the seed phrase for three cryptocurrency wallets, which contained an estimated $4.8 million worth of tokens, in a recent press release.
