A South Korean woman in her 40s, known only as “A,” has been reportedly sentenced to two years in prison for stealing nearly $500,000 in cryptocurrency from her boyfriend while he slept. The Jeju District Court convicted her of fraud after she transferred 488,000 million won from his crypto wallet to hers on January 5.
Woman Bag 2 Years for Crypto Theft
The crime unfolded when “A” exploited her boyfriend’s trust, accessing his crypto wallet while he was asleep. Already on trial for another fraud case and with two prior fraud convictions, she admitted to the charges but claimed she returned most of the funds, reducing the loss to $15,600.
The judge, unmoved, emphasized the “large” damage and her criminal history, handed down a two-year sentence.
The Jeju East Police Station reportedly swung into action after the victim reported the theft, tracking “A” down. Authorities also flagged her for grand theft charges and possible deportation.
This case adds to a surge in crypto-related crimes in Jeju, including a February 2025 murder linked to a $63,000 crypto theft and a $610,000 heist by six Chinese nationals, prompting the authorities to urge for stronger digital asset protection.
South Korea Hunts Crypto Misconduct
South Korea, a major crypto market, is tightening its grip on digital asset crimes. The Virtual Asset User Protection Act, which came into effect in July 2024, bans market manipulation and insider trading, with penalties up to life in prison for profits over $3.76 million.
Recent cases have reportedly revealed the nation’s proactiveness in combating crypto-related crimes. For example, in December 2024, a South Korean lawmaker was sentenced to six months in prison for failing to disclose over 9.9 billion won, equivalent to $6.8 million in crypto assets. The act was regarded as a big case because it came at a time when the government was considering digital asset regulation.
In another development, a court sentenced a civil servant to five years in prison for embezzling approximately $427,800 in public funds. The civil servant at Cheongju City Hall was responsible for student work activities and North Korean defector settlement support projects.
