Woman Sentenced to Two-Year Jail Term After Stealing $500K from Boyfriend’s Wallet

A South Korean woman in her 40s has received a two-year prison sentence for fraudulently transferring approximately $500,000 in cryptocurrency and cash from her boyfriend’s accounts while he was asleep.

A local report confirmed that she stole $488,000 (683 million won) in digital assets from her partner’s wallet on January 5. The woman, identified only as “A,” was convicted of fraud charges on May 15.

The woman also stole her boyfriend’s mobile phone and about $1,430 (2 million won) in cash while he was asleep. This brings the total stolen amount to roughly $489,000 (685 million won), including the cryptocurrency.

The Court’s Decision

The woman admitted to all charges at the Jeju district court. However, her defense attorney argued that the actual loss was significantly lower, at approximately $15,600 (21.9 million won). The lawyer claimed that most of the stolen funds had been recovered and returned. This argument likely aimed to mitigate the severity of her sentence, given the substantial amount initially involved in the cryptocurrency theft from her partner’s wallet.

However, the court declined to show leniency, citing the substantial damage caused by the theft. The judge emphasized that the defendant had a history of similar offenses. These include two prior fraud convictions. Additionally, she was already facing trial for another fraud case when she committed the crime. This history likely influenced the court’s decision to impose a stricter sentence, lashing out at her with a two-year jail term.

Increasing Crypto-Related Frauds

The latest case adds to the stockpile of crypto-related frauds that have flooded the crypto industry. For instance, on May 13, former Cred CEO Daniel Schatt and CFO Joseph Podulka pleaded guilty to wire fraud linked to the company’s collapse. They admitted to misleading customers about the company’s financial health, leading to estimated losses of $150 million. The two face potential prison sentences of up to 72 months and 62 months, respectively.

An earlier report revealed that Joel Ferreira de Souza, co-founder of Braiscompany, was sentenced to 128 years in prison for running a $190 million Ponzi scheme that defrauded 20,000 investors.