Seoul Police have dismantled an international hacking ring that systematically targeted South Korea’s wealthiest individuals, including BTS member Jungkook and top business executives.
The Seoul Metropolitan Police Agency’s Cyber Investigation Unit has announced the arrests of 16 suspects, including two Chinese masterminds who allegedly coordinated the scheme from bases in China and Thailand between July 2023 and April 2024. Korea’s Junggan Daily.
“The incident underscores an important reality: international criminal organizations systematically target Korean entities, and most domestic agencies lack proper defense against advanced hacking capabilities.” Decryption.
Police say criminal organizations have stolen personal data from wealthy targets in violation of government and financial institution websites and have used this information to create over 100 fraudulent phone accounts that bypass security systems and allow victims to have unauthorized access to banks and crypto wallets.
It harvested data from 258 well-known individuals, including 28 crypto investors, 75 business executives, 12 celebrities and six athletes, but it is said that actual theft attempts were made against only 26 people.
Of them, the hackers reportedly stole from 16 victims, with the largest single crypto theft reaching $15.4 million (21.3 billion).
The financial institution blocked an additional $18 million ($25 billion) in theft attempts targeting 10 other victims, thereby preventing further losses.
Cryptographic holder “Prime Target”
Crypto holders have become “the main target,” but remain one segment pursued by wealthy individual hackers, O said.
He said the incident marks a “new level of hacking threat” due to “systematic hacking of governments and financial institutions to introduce wealthy individuals.”
In Jungkook’s case, the attacker is said to have attempted to release $6.1 million (8.4 billion) from Hybe Entertainment Stock Holdings in January after joining the military.
However, the banking system flagged the unusual activity and his management company intervened and blocked fraudulent transfers.
Authorities successfully frozen and returned $9.2 million ($12.8 billion) to the victim through prompt response measures.
The two suspected masterminds were arrested in Bangkok with the help of Interpol. One of the accused was extradited to South Korea to face 11 charges, including networks and economic crimes.
“The incident, which bypasses the face-to-face non-face authentication system, is “unprecedented,” and “the vast amount of access to even bigger crimes could lead to even bigger crimes,” said the head of the Metropolitan Police Department’s 2nd Cyber Investigation Division in Seoul.
“A multi-layered defense strategy is essential given the repeated violations of South Korean government agencies and telecommunications airlines,” O. said.
He called for a “tighter identity verification” for telecom services and “coordinating robust international law enforcement” to combat cross-border cybercrime operations since this involved Chinese criminal organizations.
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