$13M crypto scam suspect caught in Seoul after bizarre cigarette escape stunt

A 60-year-old crypto scam fugitive was arrested in Seoul after police stopped him for discarding a cigarette on the street, authorities confirmed Thursday. The man, identified only by his surname “A,” had been on the run since 2020 and is accused of orchestrating a fraudulent crypto scheme worth 17.7 billion won ($12.6 million).

The Seoul Metropolitan Police Agency said the incident occurred Wednesday in the city’s Gwanak District. Officers approached the suspect after he attempted to walk away from the littering violation. When questioned, he refused to provide identification and allegedly offered police money in exchange for being released.

“The suspect told our officers, ‘I will give you money,’ while trying to evade questioning,” — Seoul Metropolitan Police spokesperson, in a press briefing.

From petty offense to major fraud discovery

The encounter quickly escalated when the man attempted to hail a taxi and flee. After his arrest, investigators discovered that he was the long-sought crypto scam fugitive behind a scheme that defrauded roughly 1,300 victims between 2018 and 2019.

The fraud involved enticing individuals to invest in fake crypto-related opportunities, with promises of high returns. Instead, funds were siphoned off, leaving victims with heavy losses. Police said the suspect faces 10 charges, including fraud and assault, and has been handed over to the Seoul Southern District Prosecutors’ Office.

“This case shows how even a small violation can unravel major crimes,” — Professor Kim Dae-hyun, Criminal Justice Department, Korea University.

The wider pattern of crypto fugitives

The case of the Seoul crypto scam fugitive echoes other unexpected arrests of individuals tied to digital asset crimes. One high-profile example is James Zhong, who in 2012 stole 50,000 bitcoin — worth $5.6 billion at today’s prices — from Silk Road, a dark web marketplace.

Zhong’s attempt to hide the fortune by storing bitcoin in physical wallets around his home collapsed when his house was burglarized in 2019. After he reported the burglary, investigators linked him to the earlier hack. He was later arrested and, in 2023, sentenced to one year in prison.

Experts say such cases highlight both the persistence of law enforcement and the difficulties fugitives face in staying hidden indefinitely.

“No matter how sophisticated the crime, mistakes will eventually bring crypto scam fugitives into the open,” — Lee Ji-won, Financial Crime Analyst, Seoul Institute of Criminology.

What happens next

Following his arrest, the Seoul suspect is expected to stand trial on multiple counts of fraud, assault, and bribery. Prosecutors are also working to trace the stolen funds and identify whether any assets can be recovered for victims.

The case adds to a growing list of international efforts to crack down on cryptocurrency-related fraud. South Korea has been particularly active in pursuing offenders, strengthening regulations and investing in digital forensic tools to track blockchain transactions.

For the victims, the arrest marks the first step toward possible restitution, though recovering lost assets remains uncertain. Authorities stressed that the arrest was significant not only for the case itself but also as a message to others attempting to evade justice.

“The detention of this crypto scam fugitive demonstrates our commitment to holding fraudsters accountable, regardless of how long they have been on the run,” — Seoul Metropolitan Police Agency statement.