‘$3.5m Nursing Care Fund Crypto Thief’ Extradited to South Korea

Tim Alper

Last updated:

January 16, 2024 23:55 EST | 1 min read

Source: S…/AdobeSouth Korean law enforcers have extradited a man suspected of stealing $3.5 million from a nursing care fund to buy cryptoassets before fleeing abroad.

The man, surnamed Choi (aged 46), is a former National Health Insurance Corporation middle manager.

He was arrested in the Philippines earlier this month after a manhunt that lasted for around a year and a half.

Investigators said they were now “focusing on recovering” the fund Choi allegedly stole from a public fund for nursing care.

Hankyoreh reported that police were “tracking the whereabouts” of the money that was allegedly “stolen” between April and September 2022.

Choi, a man suspected of robbing a nursing care fund to buy cryptoassets, is escorted through an airport in South Korea. (Source: Yonhap TV News/Screenshot)Police think Choi converted the fiat he stole to crypto, and was living “a life of luxury” in a “high-end” resort in the Philippines.

Choi reportedly headed the firm’s financial management team and oversaw nursing car benefits payments.

🇰🇷 South Korea Seeks Regulation Against Crypto Mixers Citing Illegal Use Cases

Learn more 👇

— Cryptonews.com (@cryptonews) January 15, 2024

South Korean Government Hopes to Recover ‘Crypto Thief’s Stolen Funds’

Police escorted Choi, handcuffed, through Incheon International Airport at around 5 am on January 17.

Choi replied “no comment” to several news reporters’ questions shortly after arriving at the airport.

Choi, moments before his arrest in the Philippines earlier this month. (Source: Yonhap TV News/Screenshot)A police spokesperson confirmed that law enforcers had “expected that it would take at least a month to complete the repatriation process.”

But, following talks with the Philippine Immigration Department, officers explained they were “able to repatriate [Choi]” to South Korea “in just eight days.”

The National Health Insurance Corporation said that it had already “recovered” over $500,000 worth of the funds in 2023.

The Ministry of Health and Welfare-operated firm said it had seized the funds via civil lawsuits.

The South Korean Ministry of Health and Welfare. (Source: Minseong Kim [CC BY-SA 4.0])And the National Health Insurance Corporation said it was hopeful of recovering more of the money following Choi’s arrest.

Earlier this month, police in Icheon said they had arrested a man suspected of stealing cash during a bogus over-the-counter (OTC) crypto exchange deal.