A 22-year-old South Korean man has received a suspended jail sentence of nearly three years after being found guilty of committing armed robbery to pay off accumulated cryptocurrency debts.
According to South Korean media outlet WowTV, the unnamed college student had amassed over $37,000 in debts from failed crypto investments. The Gwangju District Court heard that on June 11, he entered a Dong-gu convenience store armed with a weapon and threatened the clerk before stealing over $425 cash and multiple gift cards, then robbed other stores for similar goods.
Presiding Judge Koh Sang-young sentenced the man to two years and six months in prison plus three years probation and 200 hours of community service. However, the judge suspended the jail term after determining the man had acted desperately and even contemplated suicide due to his mounting debts. He was also a first-time offender.
Judge Koh stated the man-made “extreme choices” driven by his substantial debts and that his family had pledged to actively assist in his rehabilitation. But the judge noted the serious nature of threatening someone’s life.
South Korea has seen other tragic crypto-related incidents as markets declined, including apparent investor suicides in 2021. Last year, a married couple and their child died by driving into the ocean after accumulating massive crypto debts.
Judge Koh said the man committed robbery with crypto and debts weighing heavily, but suspended the sentence upon the promise of family support and first-offender status. The case highlights the extremes of despair some have felt in South Korea due to crashed crypto investments.
