The South Korean authorities have arrested 16 individuals, including two Chinese nationals, suspected of organizing a large-scale international hacking group. The criminals stole over $28.1 million (39 billion Korean won) from the bank and cryptocurrency accounts of 258 wealthy citizens of the country, including businessmen, athletes, and celebrities, such as BTS star Jungkook.
This is reported by Business • Media
Crime Scheme and Hacker Targets
The law enforcement operation revealed that the hackers operated from bases located in China and Thailand from July 2023 to April 2024. They hacked into the websites of government and financial institutions, obtained personal data of victims, and created over 100 fake phone accounts. These accounts helped bypass security systems and gain access to bank and cryptocurrency accounts.
The largest single theft in cryptocurrency amounted to $15.4 million (21.3 billion won). At the same time, banks prevented attempts to illegally withdraw around $18 million. In total, 16 individuals fell victim to the actions of the hacking group.
Notable Victims and Investigation Details
Among those targeted was Jungkook from BTS. In January, after completing his military service, hackers attempted to withdraw $6.1 million in shares of Hybe Entertainment, but the banking systems and management quickly blocked the suspicious transaction.
“This incident highlights a critical reality: international criminal organizations systematically target Korean entities, and most domestic institutions lack adequate protection against their advanced hacking capabilities,” said Rich O., regional manager for APAC at cryptocurrency wallet manufacturer OneKey.
According to the Seoul police, the hackers gathered information on 258 influential individuals, including 28 cryptocurrency investors, 75 top executives, 12 celebrities, and 6 athletes. However, attempts to steal were made only against 26 people, whose accounts collectively held over 55.2 trillion Korean won ($39.8 billion).
Some of the stolen funds have been recovered: law enforcement froze and restored $9.2 million. Two organizers were arrested in Bangkok with the support of Interpol, and one of them has already been extradited to South Korea, where he will face 11 charges, including violations in the field of cybersecurity and economic crimes.
Experts note that this case indicates a new level of hacking threats and requires enhanced protection, including multi-level identity verification in telecommunications services and deeper international cooperation among law enforcement agencies. It is also emphasized that Chinese criminal organizations were involved in the scheme.
It is worth noting that in the spring, South Korean law enforcement also arrested a Russian citizen for a cryptocurrency robbery amounting to $728,000.