Summary
- A hacking group reportedly stole $28.1 million (₩39 billion) from the accounts of 258 affluent Koreans, including celebrities and top executives.
- The largest single crypto theft amounted to $15.4 million (₩21.3 billion), though officials have not detailed how much of the total was in cryptocurrency.
- This incident reveals fundamental weaknesses in South Korea’s digital security as international crime syndicates increasingly target the nation’s elite, per Decrypt’s sources.
Seoul police have dismantled an international hacking operation that specifically targeted South Korea’s richest individuals, including BTS member Jungkook and prominent business figures, after the group stole $28.1 million (₩39 billion) from their financial and crypto accounts.
The Cyber Investigation Unit of the Seoul Metropolitan Police Agency announced the arrest of 16 suspects on Thursday, including two Chinese leaders who allegedly managed the operation from China and Thailand between July 2023 and April 2024, according to Korea Joongang Daily.
“This event underscores a crucial truth: international criminal organizations are systematically targeting Korean entities, while many local institutions lack sufficient protections against their sophisticated hacking techniques,” stated Rich O., regional manager for APAC at hardware wallet maker OneKey, to Decrypt.
According to law enforcement, the gang infiltrated government and financial institution websites to obtain personal data from wealthy targets, subsequently using this data to establish over 100 fake phone accounts that evaded security measures, granting unauthorized access to victims’ bank and crypto wallets.
While they collected data from 258 notable individuals, including 28 crypto investors, 75 business leaders, 12 celebrities, and 6 athletes, actual theft attempts were reportedly made against only 26 individuals, whose total account balances reached $39.8 billion (₩55.22 trillion).
Among those targeted, the hackers successfully stole from 16 victims, with the largest singular crypto theft reaching $15.4 million (₩21.3 billion).
Financial institutions thwarted an additional $18 million (₩25 billion) in attempted thefts aimed at 10 other victims, thus preventing further losses.
Crypto Holders as “Key Targets”
Crypto holders are now seen as “key targets,” but they are only one category of affluent individuals that hackers pursue, O. noted.
He mentioned that this case represents “a new level of hacking threat” due to the “systematic hacking of government and financial agencies to profile wealthy individuals.”
In Jungkook’s case, attackers reportedly tried to illegally transfer $6.1 million (₩8.4 billion) in Hybe entertainment stock holdings in January following his enlistment in the military.
However, the banking systems identified the irregular activity, and his management company intervened, preventing the unauthorized transfers.
Authorities managed to freeze and recover $9.2 million (₩12.8 billion) for victims through prompt action.
The two alleged leaders of the operation were apprehended in Bangkok with support from Interpol. One of the suspects has been extradited to South Korea to face 11 charges, including network and financial crimes.
Oh Gyu-sik, head of the Seoul Metropolitan Police Agency’s 2nd Cyber Investigation Unit, remarked, “This incident of circumventing the non-face-to-face verification system is ‘unprecedented,’ and the large amounts accessed ‘could have easily led to a more significant crime.’”
“In light of the recurrent breaches of South Korean government bodies and telecom carriers, a multi-layered defense strategy is crucial,” O. added.
He advocated for “tighter identity verification” for telecom services and robust international law enforcement cooperation to counter cross-border cybercrime activities, given that “this involved Chinese criminal groups.”
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