Overview

• Jeon, a 34-year-old Chinese national, was extradited on Aug. 22 and arrested in Seoul on Aug. 24, according to police.
• At an Aug. 25 briefing, investigators said Jeon acknowledged some allegations while denying others as the probe continues.
• Authorities attribute about 38 billion KRW in confirmed losses to a scheme that exploited carrier websites to open illicit mobile accounts and breach financial and crypto holdings.
• High-profile victims included BTS member Jungkook, a major conglomerate chairman and a startup CEO; Jungkook’s name was used to sell roughly 100 million KRW in stocks later recovered via a civil suit.
• Police say 16 people have been arrested in connection with the ring, and they expect to send Jeon’s case to prosecutors for indictment this week.