Gang Posing as Elon Musk Associates Arrested in $1.3M Crypto Romance Scheme
The Seoul Eastern District Prosecutors’ Office has charged 13 members of a syndicate involved in a $1.3 million crypto romance scam. Eleven suspects were arrested, and two were indicted without detention. The group operated from Poipet, Cambodia, posing as wealthy young women and claiming connections to Elon Musk to promote fraudulent SpaceX investment schemes.
Between December 2024 and October 2025, approximately 1.93 billion won (around $1.3 million) was embezzled through a fabricated SpaceX app designed to intercept funds and convert proceeds into Korean won. Investigators uncovered scripted conversations and a counterfeit SpaceX application, used to create an illusion of legitimacy and lure victims into investing.
Evidence revealed the syndicate’s plans to evade law enforcement, including false testimonies claiming they were victims of job scams and coerced involvement through confinement and threats. The organization consisted of 20 Korean nationals; three counselors and one manager were arrested earlier between July and September, while seven members remain unaccounted for.
This case illustrates a rising trend in crypto-related romance scams, known as 'pig butchering' schemes, which have resulted in hundreds of millions of dollars in losses globally and increasingly employ AI to fabricate identities.
