South Korea Wants Death Penalty For Four Accused In Gangnam Crypto Murder Case

Updated: 16 October 2023

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South Korean prosecutors pressed for the death penalty for four suspects in the notorious Gangnam cryptocurrency murder case.

The trial, held at the Seoul Central District Court, reached its climax as the prosecution demanded the most severe punishment for the gruesome crime.

The suspects were charged with abducting a 48-year-old woman near an apartment building in the wealthy Gangnam-gu district of the capital, Seoul, in March, and then killing and burying her body the next day over a cryptocurrency investment dispute.

Lee Kyeong-woo is said to be the mastermind behind the crime while Hwang Dae-han is an accessory. Yeon Ji-ho, another accomplice, is facing life imprisonment.

Cruelty of Gangnam Murder ”Beyond Words”

Prosecutors are also pushing for the death penalty for a couple, Yoo Sang-won and Hwang Eun-hee, for their involvement in financing the crime.

“The cruelty of the murder by the robber that took place in the middle of Seoul’s Gangnam district is beyond words,” the prosecution said during the hearing.

Disputes Over Cryptocurrency Investments

.The victim was in charge of promoting a local cryptocurrency to investors, and Lee suffered an 80 million won ($61,068) loss as the investment turned sour.

The cryptocurrency in question, known as the “fine-dust coin,” initially gained investors’ attention by offering real-time air quality information on its website.

But after going public in November 2020, its value plummeted from a peak of 13,354 won to a mere 17 won within six months.

Gangnam Murder Puts Focus on Regulation

The chilling case has raised concerns about the lack of regulatory oversight in the cryptocurrency market in South Korea.

The urgent need for cryptocurrency investor protection laws has been stalled for nearly two years, despite the growing popularity of digital assets like Bitcoin and Ethereum.

Amid an increasing number of cryptocurrency-related fraud cases, the National Assembly finally took a crucial step by forming a committee to review related legislation on March 28.

“There is a pressing need for an institutional framework that can protect investors,” said Rep. Lee Yong-woo of the main opposition Democratic Party.