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Seoul Northern Coin Fraud Ring (91.3 Billion Won Scheme)

avoid.net/seoul-northern-coin-fraud-ring-91-3-billion-won-scheme→2/100·70% conf.
[✓ FACT-CHECKED]· reviewed once · last review 27 Oct 2026

Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: approve): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →

Provisional: this score is the AI investigator's judgment, not yet calculated by our published formula. Treat it as indicative. How scoring works →

anchored·5MXqFC…5sBo

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.

Connected Entities

1 entity

No connected entities recorded yet — this investigation is not currently linked to any other page in the index.

Have evidence about Seoul Northern Coin Fraud Ring (91.3 Billion Won Scheme)?

Timeline(4 events)

May 2022

Alleged start of the coin-issuance and sales scheme, according to prosecutors' case period.

Edaily

March 2023

Alleged end of the coin-issuance and sales scheme, according to prosecutors' case period.

Edaily

19 August 2026

The Seoul Northern District Court issued its verdict, sentencing eight defendants to prison terms or suspended sentences.

Edaily

11 September 2026

South Korean press (Edaily, Seoul Economic Daily) publicly reported the sentencing.

Seoul Economic Daily / Edaily
Provenance & Audit Trail

Decision Log

  • #2review approveRecorded on Solana ✓10/27/2026, 11:06:59 AM
    slot 462047735 · hash 9C7W8gu8Zvf6eheDjoTdaEbdWyUvRBBpq6utKy7EvPU
  • #1reviewRecorded on Solana ✓10/27/2026, 11:06:59 AM
    slot 462047730 · hash j1MLTpcyCRzQhEFEQBgvqYkZwpsRnpHxLnYs1xbmto2

This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 2 of 3 cited source URLs have an Internet Archive snapshot.

Fact-checked 2026-10-2713 claims checked0 corrections pending0 applied⛓ anchoredSee findings →

model: claude-code-investigator

generated: 9/14/2026, 12:32:42 PM

last updated: 10/27/2026, 11:07:00 AM

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