Cryptocurrency investment gone wrong as four South Korean citizens have been sentenced to execution after being accused of kidnapping and murdering a woman due to a failed crypto investment.
Meanwhile, the case sheds light on the risks associated with cryptocurrency investments in South Korea.
Let's explore some of the shocking circumstances you need to know about grading crypto in South Korea and the South Korean murder sentence.
Allegations of kidnapping and murder in South Korea
As recently happened in the crypto space in South Korea, four South Korean citizens found themselves facing execution following their alleged involvement in the kidnapping and murder of a woman connected to a failed cryptocurrency investment.
However, this case highlights the potential dangers associated with crypto investments in South Korea and all over the world, as murders in the crypto world are not a new occurrence. This highlights the need for caution and vigilance within the industry, which is quite alarming.
The incident took place in Gangnam Ward, Seoul, with Lee Kyeong-woo, Hwang Dae-han, and Yeon Ji-ho being indicted for kidnapping the 48-year-old victim on March 29, 2023. According to prosecutors, the victim was murdered the following day.
Failed Crypto Investment Sparks Dispute
The investigation revealed that Yoo Sang-won and Hwang Eun-hee had paid the accused 70 million won ($51,000) after investing 100 million won ($74,000) in virtual currency based on the victim's recommendation in October 2020.
Meanwhile, with the value of the struggling crypto called 'fine dust coin' plummeting, Yoo and Hwang found themselves incurring significant losses and an escalating dispute with the victim.
While we always advise every individual likely going into cryptocurrency trading to invest what they can afford to lose, knowing that there's risk associated with crypto trading,
Moreover, Lee allegedly proposed a drastic solution - the theft of the victim's cryptographic assets and her murder. Lee, Yeon, and Hwang Dae-han are then believed to have buried the victim's body 140km south of Seoul, concealing the crime.
Prosecution's Demand for the Death Penalty
On Monday, Korean prosecutors urged that all four defendants involved in this crypto-related murder case should receive the death penalty, while Yeon received a recommended life imprisonment.
Thus, Newsis reported that the prosecutors argued that "most of the defendants do not regret their crimes and continue to criticize the investigative agencies."
It is worth noting that South Korea has not executed any convicts since 1997, although 60 individuals remain on death row awaiting their fate.
While Lee has admitted to the charge of robbery, the accused couple denies any involvement in the murder. Meanwhile, their trial will continue to unfold with further arguments and evidence.
Upbit Singapore Receives Regulatory Approval
In a separate development, leading South Korean crypto exchange Upbit recently obtained regulatory approval from the Monetary Authority of Singapore (MAS).
This milestone enables Upbit's Singapore subsidiary to offer regulated "digital payment token services" in line with Singapore's Payment Services Act.
The exchange's CEO sees Singapore as a global powerhouse that unlocks opportunities for various businesses, including those focused on retail, institutional, and infrastructure aspects.
However, once granted the Major Payment Institution (MPI) license, Upbit Singapore will join other regulated subsidiaries of the South Korean exchange across the Asia-Pacific region, including Indonesia and Thailand.
Conclusions
Crypto is paving the way for users to explore blockchain technology by utilizing crypto as a means of payment.
The South Korean murder sentence has made most of these users aware of the significance of investing in cryptocurrency, especially in South Korea.