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S Korean Government Employee Flees With $2.8 Million in Cryptocurrency.

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02-11-2022

The National Health Insurance Service (NHIS) of South Korea was robbed of $2.8 million, and it is believed that a missing government employee is on the run with the money. The suspect appears to have converted most or all of the money to cryptocurrency.


According to KBS, prosecutors and police are looking for a 44-year-old NHIS employee known only by their last name, Choi. Investigators believe Choi stole $3.24 million in total from NHIS accounts and transferred public funds to his personal accounts. Of the monies, they claim to have collected $423,000 in total.


However, according to the police, Choi appears to have used the remaining funds to purchase cryptocurrency, which they believe may be stored on a foreign cryptocurrency exchange. Although South Korean courts have the authority to order local cryptocurrency exchanges to freeze cash and shut down wallets kept on their own systems, they lack jurisdiction over exchanges headquartered outside.


Prosecutors and law enforcement officials claim they have been in contact with an exchange where they believe the coins are hidden, and they are hoping to persuade the trading platform to assist them.


However, according to the police, Choi appears to have used the remaining funds to purchase cryptocurrency, which they believe may be stored on a foreign cryptocurrency exchange. Although South Korean courts have the authority to order local cryptocurrency exchanges to freeze cash and shut down wallets kept on their own systems, they lack jurisdiction over exchanges headquartered outside.


Prosecutors and law enforcement officials claim they have been in contact with an exchange where they believe the coins are hidden, and they are hoping to persuade the trading platform to assist them.