During South Korean President Yoon Seok-yeol's state visit to Saudi Arabia last month, a suspected crypto fraudster joined the delegation. The individual, identified as the head of an unnamed crypto firm, was part of an economic delegation selected by the Federation of Korean Industries. However, this individual is currently being investigated by prosecutors for fraud charges. The crypto firm chief posted in a crypto-related chat room after the visit, hinting at good news related to Saudi Arabia. There are also allegations that the fraudster had suggested attending a meeting with Mohammed bin Salman, the Crown Prince of Saudi Arabia. The Federation of Korean Industries admitted to not discovering the investigation during the selection process and pledged to strengthen its verification process in the future. The crypto company's spokesperson declined to provide detailed information but disputed some of the reports. Opposition leaders criticized the situation as a disgrace to South Korea. It is worth noting that the suspected fraudster has not been convicted of fraud, although prior controversies in the crypto world have surrounded them. South Korean authorities have also been active in combating crypto scams, recently making arrests and shutting down alleged fraud rings.
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