Seoul Northern Coin Fraud Ring (91.3 Billion Won Scheme)

Summary

A South Korean fraud ring led by two individuals identified in press reports only as Lee (64) and Kim (53) allegedly issued and sold roughly 26-30 worthless cryptocurrencies to victims recruited from stock-investment loss chat rooms between May 2022 and March 2023, taking in an estimated 91.3 billion won (approximately $63 million). On August 19, 2026, the Seoul Northern District Court convicted eight defendants, sentencing the two ringleaders to 14 years in prison each and co-defendants to terms ranging from one year (suspended) to eight years. This is a criminal case with a court verdict already rendered, not merely an allegation; it is being tracked because the underlying tokens, sales operation, and any affiliated apps or exchanges may still pose risk to the public.