A South Korean woman in her 40s has been sentenced to two years in prison for stealing nearly $500,000 worth of cryptocurrency and cash from her boyfriend while he slept—an act the Jeju District Court deemed a serious case of embezzlement and fraud.
The court found that on the morning of January 5, the woman—identified only as “A”—transferred ₩683 million (approximately $488,000) in crypto from her partner’s digital wallet into her own. She also stole ₩2 million (around $1,430) in physical cash and took his mobile phone.
Although the defendant admitted to the theft, her legal team argued for leniency, claiming that much of the crypto had been returned and that the real damage amounted to just ₩21.9 million (roughly $15,600). The court disagreed, citing both the scale of the theft and her prior criminal record.
“The total amount of damage is large,” said the presiding judge, pointing to the defendant’s two prior fraud convictions and an ongoing fraud trial as justification for a full custodial sentence.
Crypto Theft Rising on Jeju Island Amid Regulatory Gaps
The conviction adds to a disturbing trend of crypto-related crime across South Korea—particularly on Jeju Island, which has emerged as a hotspot for off-the-books digital asset trades. With weak peer-to-peer regulations and limited institutional oversight, Jeju has become a breeding ground for fraud and violent theft.
In February, a man in his 30s was found fatally stabbed in a Jeju hotel room shortly after arriving for a private crypto deal. That same month, police arrested four Chinese nationals accused of fleeing with ₩85 million (about $63,000) in stolen funds.
Just weeks later, six more Chinese nationals were detained after allegedly assaulting two traders and making off with ₩840 million (around $610,000) in cryptocurrency.
These incidents have intensified calls for stronger regulatory safeguards around peer-to-peer and private crypto trading, which currently falls outside the jurisdiction of South Korea’s centralized exchanges and financial regulators.
U.S. and China Also See Surge in Crypto-Linked Crimes
The rise in crypto-related theft isn’t limited to Asia. In the United States, high-profile incidents are making headlines as well.
In Florida, 22-year-old Maissa Jebali is facing felony grand theft charges after allegedly stealing $850,000 in Trump-themed meme coins from her ex-boyfriend during a fight aboard his yacht. Authorities say she may also face deportation, depending on the outcome of her trial.
As the use of digital assets becomes more mainstream, so too do the associated risks—particularly in unregulated or personal environments where crypto can be transferred instantly, anonymously, and irreversibly.
Authorities in multiple countries are urging crypto users to strengthen wallet security, avoid risky private deals, and demand better legal frameworks to reduce the growing wave of digital financial crimes.
Quick Facts
- A South Korean woman was sentenced to 2 years in prison for stealing ₩683 million in crypto and cash from her boyfriend.
- Jeju Island has seen a sharp rise in crypto-related assaults and thefts tied to unregulated trades.
- In Florida, a woman is facing charges for stealing $850,000 in meme coins from her ex-boyfriend.
- Experts warn that peer-to-peer crypto trades remain highly vulnerable to fraud and theft.
