South Korean police said Wednesday they arrested a man in his 30s on fraud charges for allegedly stealing about US$658,000 in cryptocurrencies based on personal data leaked on local social media platform Naver Band.
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- The man allegedly stole cryptocurrencies from 90 people, with one victim claiming to have lost around US$403,781.
- Band is a social networking platform operated by South Korean internet giant Naver. It allows people of similar interests to form groups.
- Most of the personal information was mistakenly exposed by an administrator for the social media firm, including members’ cryptocurrency exchange account information.
- The man, who allegedly committed his acts from January to May this year, was arrested on May 13 at his home and is currently under custody, police said.
- Criminal cases involving cryptocurrencies in South Korea are steadily increasing according to the country’s police agency, with the number of victims growing to 8,891 in 2021 from 388 in 2018.
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