South Korean Crypto Exchange CEO Arrested for Spying for North Korea

AnalysisSouth Korean Crypto Exchange CEO Arrested for Spying for...



Alex Dovbnya

South Korean executive has been arrested for helping North Korea obtain sensitive military information

A 38-year-old South Korean executive at the helm of an unnamed cryptocurrency exchange has been indicted for spying for North Korea, according to a Thursday report published by Yonhap News Agency.

The executive, whose last name is Lee, allegedly colluded with a North Korean spy last July to help him get access to sensitive military information in exchange for 700 million Korean won ($549,000).

Lee paid 48 million won ($37,643) worth of crypto to a corrupt military captain in order to obtain access to a confidential military network.

The exchange head gave the officer a wrist watch with a hidden camera in it in order to gather intelligence at his military unit. Both of them have been charged with violating a South Korean security law, which was adopted back in 1948 to counter the threat posed by the hostile northern neighbor. The captain also separately interacted with the North Korean spy.

 Under the law, South Koreans are barred from visiting North Korea or meeting with the citizens of the pariah state without government approval. It also prohibits praising North Korea or disseminating its propaganda. In 2012, a South Korean photographer was indicted for retweeting pro-Kim Jong Il messages, but he was later acquitted.

The North Korean spy is still on the loose, according to the report. According to police, he had known the businessman for at least six years after they met each other in an online cryptocurrency community.
  
In early February, several executives of South Korean crypto exchange V Global ended up behind bars after committing fraud. Its former CEO, Lee Byung-gul, was sentenced to 22 years behind bars.



Learn more

Latest news

After Cardano (ADA), DCG Subsidiary Luno Adds Support for Solana (SOL)

Alex Dovbnya Cryptocurrency exchange Luno has listed Solana (SOL) cryptocurrency shortly after adding Cardano (ADA) Cryptocurrency exchange Luno has added...

Zcash May Be Getting Spammed, but the Blockchain is Doing Just Fine, the Company Behind it Says

The Electronic Coin Company, the organization behind Zcash, claims that concerns of a spam attack are mostly just...

Kanye West unloads on Josh Kushner over investment in Kim Kardashian’s SKIMS

Kanye West unloaded on Josh Kushner over his investments in Kim Kardashian’s underwear line in a bizarre...

DOGE and SHIB Price Analysis for October 6

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It...

Must read

After Cardano (ADA), DCG Subsidiary Luno Adds Support for Solana (SOL)

Alex Dovbnya Cryptocurrency exchange Luno has listed Solana (SOL)...

Zcash May Be Getting Spammed, but the Blockchain is Doing Just Fine, the Company Behind it Says

The Electronic Coin Company, the organization behind Zcash,...

Kanye West unloads on Josh Kushner over investment in Kim Kardashian’s SKIMS

Kanye West unloaded on Josh Kushner over his...

You might also likeRELATED
Recommended to you