Ex-Lawmaker's Son Ordered to Pay $570,000 in Crypto Scam Case

The eldest son of former People Power Party lawmaker Tae Young-ho has been ordered by a court to pay roughly 800 million won (approximately $570,000) in damages to a victim of a cryptocurrency scam. The son, identified as Tae, is accused of defrauding investors of about 1.4 billion won.

The Seoul Central District Court's Civil Division 30 ruled last month that Tae must pay the victim approximately 867.97 million won. This amount represents the full extent of the damages, excluding the portion already repaid to the victim as interest.

Prosecutors indicted Tae in May on charges of fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes. He allegedly solicited investments for a stablecoin exchange business from May 2024 to July 2024, ultimately absconding with about 1.4 billion won in stablecoins and cash.

During his alleged fraudulent activities, Tae reportedly told victims, "Everyone is involved, even the police," emphasizing his supposed connections and influence within law enforcement. The court pointed out that Tae, as the son of a former National Assembly member who defected from North Korea, likely received police protection or had acquaintances within the force. The court stated that he exploited these circumstances to gain the victims' trust and deceive them.