Son of defector-turned-politician Thae Yong-ho indicted for alleged cryptocurrency fraud

The eldest son of North Korean defector-turned-politician Thae Yong-ho has been indicted while in detention on charges of defrauding investors of 1.4 billion won ($905,000) through a cryptocurrency investment scheme.

The Seoul Central District Prosecutors Office indicted the younger Thae in May on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, according to legal sources on Wednesday. Thae served in the 21st National Assembly from 2020 to 2024 as a lawmaker for the United Future Party, the predecessor to the People Power Party.

Thae's eldest son is accused of receiving around 1.4 billion won from acquaintances after promising to invest the money in cryptocurrencies and generate profits on their behalf, and then misappropriating the funds.

Investigators found the younger Thae solicited the investments by saying he was the son of former lawmaker Thae Yong-ho. He is accused of receiving the money as investment funds but not investing it in cryptocurrencies and instead pocketing the proceeds.

Police transferred the younger Thae to prosecutors while he was in detention on May 13. He is reported to have admitted to the allegations during questioning.

BY KIM JI-HYE [[email protected]]