Gang who stole $800,000 of Ripple (XRP) has been arrested in South Korea

Gang who stole $800,000 of Ripple (XRP) has been arrested in South Korea

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Answer Gang who stole $800,000 of Ripple (XRP) has been arrested in South Korea

The scam, which resulted in the theft of more than $800,000 in Ripple (XRP) from dozens of victims in South Korea and Japan, was uncovered by a joint operation between the Seoul Police’s Cybercrime Department and the FBI.

Two people have been arrested so far, a “programmer” and his employer, according to a local report. The programmer, a 42-year-old office worker, was allegedly used by the mastermind of the operation to create a website similar to a website for (Ripple trading). Then the mastermind hacked into the private email account of the real trader and contacted the users saying that their funds had been frozen.


The email included a link to the fake website, where 24 Korean and 37 Japanese investors were convinced to enter their login details that were recorded by the “hacker” who used them to access their money on the real exchange site. While the scandal targeted exclusively Korean and Japanese nationals, the FBI may have been implicated due to the fact that the Ripple cryptocurrency platform is an American company.

Read:CoinMarketCap accused of manipulating XRP prices

Local media reported that the “main criminal” converted the stolen digital currencies into the local fiat currency, the Korean won, and used the money to pay for five-star accommodation in a luxury apartment complex as well as other luxury goods and services.

It is assumed that the mastermind behind the operation was implicated in the scams after he himself was one of the victims of a trading hack in 2014, in which he lost all his investments. After the investigation failed to reach any results and the suspected intruders were removed, he was inspired to carry out similar crimes of his own.

In addition to hiring the programmer, he also coordinated with another partner, a Japanese forex operator, who provided him with user data (email accounts, affiliated exchanges, and two-factor authentication status) needed to compile a list of potential targets. The Japanese partner is still at large and is believed to be in Japan at this time as the Seoul Cybercrime Department says they are communicating with Japanese authorities to cooperate in his arrest.

This incident is South Korea’s first phishing scam, and it has led to some interesting legislative hurdles – the “scammer” author claims to have actually transferred and spent up to $800,000 worth of XRP on accommodations and other stuff, which means he can’t can be returned.

Read:The digital currency “Dogecoin” rose by 120% and anticipation of the beginning of the altcoin season

Cryptocurrency problems with South Korean law

What’s more, his other assets cannot be legally frozen or confiscated by the Korean police due to the nature of the crime – prohibited currencies are not considered legal under South Korean law, leading to the prosecutor saying “it is unlikely that victims of digital scams will get to be compensated.”

This case is similar to the case of the British “cyber crime man” who earned hundreds of thousands of pounds through phishing scams and millions by hacking user databases to sell information on the “dark web”, just like the operator of the Japanese trading site, in this case, the data It was sold to a major fraudster in Korea.

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