30s Daughter, Following Father, Embezzled 140 Billion KRW in Profits from Illegal Gambling Site Operation

Father and Daughter Operate Illegal Gambling Sites Abroad Including Thailand
Utilizing Freedom in Thai Detention Facilities, Operation Methods Passed from Father

The daughter who took over from her father to operate an illegal gambling site and embezzled criminal proceeds amounting to 140 billion won in Bitcoin was caught in a police investigation. Photo by Yonhap News

[Asia Economy Reporter Bora Lee] A woman in her 30s who embezzled criminal proceeds worth 140 billion won in Bitcoin has been arrested by the police.

The Crime Proceeds Tracking Investigation Team of the Gwangju Police Agency announced on the 13th that they have applied for an arrest warrant for a woman in her 30s, identified as A, on charges of operating an illegal gambling site and embezzling criminal proceeds (violations of the Gambling Venue Establishment Act and the Act on Concealment of Criminal Proceeds, etc.).

A is suspected of operating illegal gambling sites overseas, including in Thailand, together with her father from July 2018 to August 2021, and embezzling criminal proceeds. According to the police investigation, A operated an illegal gambling site where bets were placed on Bitcoin price fluctuations with her father, and converted the Bitcoin profits into cash through accounts under acquaintances' names.

Her father, B, was operating illegal gambling sites in Thailand and was arrested for fraud crimes. After being extradited to Korea, he was sentenced to 13 years in prison. Before his extradition, A took advantage of the freedom to visit him in detention facilities in Thailand to receive instructions on how to operate the gambling site from her father. Using this, she took the lead in running the illegal gambling site on behalf of her father.

The gambling site they operated allowed users to predict Bitcoin trading prices and place bets; if the prediction was correct, they would receive dividends. Using this method, the daughter earned 1,800 Bitcoins, worth over 140 billion won at the time. She wrapped up the illegal gambling business in Thailand in 2020 and returned to Korea.

The police believe that A received the withdrawal password (master key) and electronic wallet addresses, which are equivalent to account numbers, necessary for cashing out, just before her father's extradition, and embezzled the cash. The Gwangju Police Agency has detected signs that A embezzled criminal proceeds and is proceeding with recovery procedures.

However, during the recovery process, only 320 Bitcoins (worth approximately 25 billion won at the highest price) were seized. The police suspect that additional criminal proceeds embezzled during the recovery were taken by A’s sister and other family members, and are conducting investigations into accomplices and further crimes.

This content was produced with the assistance of AI translation services.