South Korean Businessman Lost $2.3M Worth of Bitcoins in Counterfeit Notes

cyber security 3349229 960 720

A businessman from South Korea has just been duped of US $2.3 million worth of cryptocurrency Bitcoin. Hard Fork reported that the victim exchanged his cryptos for cash and found that the banknotes he got were badly printed counterfeits.

The businessman, a South Korean and owner of a successful crypto venture in Singapore, came to NIce to meet with a Serbian man who convinced him to exchange his Bitcoins with €2 million worth of notes that turned out to be fake.

The culprit allegedly promised to invest in the victim’s business and eventually got the businessman to transfer the Bitcoins to them. When he discovered that he got counterfeits, he had no choice but to report the theft to the authorities.

Earlier, a Bitcoin millionaire from Finland has also lost US$ 35 million worth of Bitcoins when he was lured into investing on a crypto that was said to be utilized by a Macao casino. The Finnish man later discovered that deal was a fraud.

The European Central Bank, by the way, has announced in 2016 that it would cease issuance and production of €500 note by this year’s end due to concerns that “that this banknote could facilitate illicit activities.”


Marko Tee

Marko Tee

Contributor and news writer for Cryptolitan.com. Marko has 4+ years of experience as a journalist and covered cryptocurrency and blockchain technology. He has years of experience writing about tech news and innovation.

Related News

Hot Stories

Everdome Secures US$10 million Investment Commitment from GEM Digital Limited
Chainlink price analysis: Bullish trend escalates LINK prices above $8.56 level
WIN NFT HERO to Bring Engaging Gaming Experience with New Features and Rewards
Polkadot price analysis: DOT faces resistance at $9.27, just shying away from $10
Bitcoin, Ethereum, Polygon, and Ethereum Classic Daily Price Analyses – 8 August Roundup

Follow Us

Industry News

Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea
Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance