In brief
- Police seized more than 9,000 counterfeit Korean won bills linked to in-person crypto trades.
- Three men were arrested last year and two have been indicted.
- Similar counterfeit-cash crypto scams have also occurred in Hong Kong.
Police in South Chungcheong province are investigating a criminal group accused of manufacturing counterfeit Korean won bills and using them to defraud cryptocurrency traders during in-person transactions.
According to Chosun Ilbo, the group was found in possession of 9,188 fake 50,000-won notes, with a value of about 459.4 million won ($330,000), last year. Investigators said the suspects printed the bills using a color printer and contacted crypto traders online to arrange face-to-face exchanges of cash…
Dec 19 2025
