A suspected crypto fraudster accompanied South Korean President Yoon Seok-yeol on a state visit to Saudi Arabia last month. Media outlets in the country have discovered that the head of an unnamed crypto firm made up part of an “economic delegation” that traveled with Yoon in late October.
During the visit, Yoon discussed cooperation between the two nations and was accompanied by a group of businesspeople reportedly selected by the Federation of Korean Industries (FKI). However, the crypto firm chief, who has been referred to as “A” by the South Korean press, is currently being investigated by prosecutors on fraud charges.
“The broadcaster SBS published details of an alleged text message conversation where A appears to have suggested they would be attending a meeting with ‘MBS’.”
MBS, or Mohammed bin Salman, is the Crown Prince and Prime Minister of Saudi Arabia.
KFI, the organization responsible for selecting the delegates, claimed that it had failed to discover A’s ongoing investigation during the selection process as the crypto chief had applied under the name of another company. They stated that they would strengthen their verification process in the future.
A spokesperson for the crypto company declined to disclose detailed information about the reports but disputed the veracity of the claims, stating that some details were untrue.
“Opposition leaders complained that these revelations constituted a disgrace to South Korea.”
While A has never been convicted of fraud, the individual has faced controversy in the crypto world in the past. Alleged victims previously filed a civil case against A, but withdrew their lawsuit after reportedly being reimbursed for their losses by the crypto chief.
Recent weeks have seen South Korean police and prosecutors crack down on crypto-related crimes. In the city of Daegu, 25 arrests were made, and an international crypto fraud ring was shut down.
