South Korean Probe Uncovers Counterfeit Won Scheme Targeting Crypto Traders
The post South Korean Probe Uncovers Counterfeit Won Scheme Targeting Crypto Traders appeared on BitcoinEthereumNews.com.
A criminal group in South Korea printed fake 50,000-won bills using a color printer to defraud cryptocurrency traders during face-to-face deals, leading to the seizure of over 9,000 counterfeit notes worth about $330,000. The scam highlights risks in informal crypto trades. Suspects contacted crypto holders online to arrange in-person exchanges, passing off low-quality fakes as real cash. The scheme was exposed when a victim in Asan City spotted the poor print quality and alerted authorities. Similar incidents in Hong Kong involved counterfeit notes in crypto deals, with over 11,000 fakes seized in one 2024 raid, exceeding the prior year’s total. Discover how counterfeit Korean won scams target crypto traders in South Korea. Learn prevention tips for safe face-to-face deals and stay protected from fraud. Read now for expert insights on rising crypto risks. What Is the Counterfeit Korean Won Crypto Scam in South Korea? The counterfeit Korean won crypto scam involves criminals producing fake 50,000-won bills to deceive cryptocurrency holders during in-person transactions. In this case, a group in South Chungcheong province manufactured thousands of imitation notes using basic printing equipment and arranged meetings with traders online. The fraud was uncovered last year when police seized 9,188 counterfeit bills valued at approximately 459.4 million won, or about $330,000, preventing wider distribution. How Do Counterfeit Currency Scams Affect Crypto Traders? Counterfeit currency scams exploit the trust and speed of over-the-counter crypto markets, where buyers and sellers often meet in person to swap digital assets for cash without intermediaries. In the South Korean incident, suspects printed low-quality fakes on a color printer, which were easy to produce but detectable upon close inspection. According to reports from Chosun Ilbo, the group targeted unemployed individuals seeking quick liquidity from their crypto holdings, contacting them via online platforms to set up exchanges in public areas…
Filed under: News - @ December 19, 2025 10:24 pm