Murder by Contract: The Yoos Paid for the Gangnam Kidnapping and Murder

Suspects arrested for kidnapping and killing a woman in her forties in Gangnam, Seoul and abandoning her body are being transferred to the Prosecution Service on April 9. From left, Hwang Dae-han, Lee Kyeong-woo, Yeon Ji-ho. Kim Chang-gil

The kidnapping and murder of a woman in her forties, which occurred in an apartment complex in Gangnam, Seoul at the end of last month turned out to be a contract killing that had been premeditated from six months ago by several people connected by personal interests involving investments in crypto assets.

The Yoos, identified as the people behind the latest case, accepted a proposal for the crime from Lee Kyeong-woo (36), and paid 70 million won for the crime. The police believe the Yoos committed the crime after arguing with the victim over who was to blame when the value of the crypto asset they invested in upon the victim’s advice crashed.

The Suseo Police Station in Seoul announced on April 9 that they requested an arrest warrant for Hwang, Yoo’s wife, for instigating murder by robbery. Yoo was arrested the previous day. The Yoos have denied the charges.

The police believe Lee schemed the crime and proposed it to the Yoos, known to be wealthy. According to the police announcements and the coverage by the Kyunghyang Shinmun, the Yoos invested about 100 million won in the virtual asset Puriever following the recommendation of A (48), the victim who was kidnapped and killed, at the end of 2020. They then manipulated the market value by attracting buyers using a “multi-level marketing” method and selling the asset in large volumes. A and Lee, who had objected to such behavior, entered a hotel room in Gangnam, where the Yoos were staying, and snatched the coins in March 2021, which led to a lawsuit.

Afterwards, conflict between the Yoos and A intensified. According to the transcripts obtained by the Kyunghyang Shinmun, A spoke with a Puriever investor over the phone in January, three months before her death, and said, “They (the other victims I met) are also fed up with Yoo and Hwang (Yoo’s wife)... that’s why they want to catch them. Anyways, there is evidence. I have so much evidence.” Lee, who was also sued by the Yoos along with A, approached the couple and after receiving money, sided with them and handed the information A had concerning the litigation.

Last July-August, Lee explained the conflict between A and the Yoos to his friend, Hwang Dae-han (36) and suggested that they kidnap A and her husband, take the coins and ask the Yoos to launder the coins into cash.

The police believe the Yoos agreed to the crime after listening to Lee explain his scheme. According to the police, the Yoos told Lee that the victim probably had billions of won worth of coins and suggested that they do business together. A’s husband managed to escape unharmed because he was arrested at the time of the crime.

The Yoos paid a total of 70 million won to Lee last September, including a 20 million won retaining fee for the crime. Lee gave Hwang 13 million won including 5 million won in cash and prepared the items necessary for the crime, such as a syringe for the anesthesia and duct tape. Hwang purchased a mobile phone under a fabricated name and drew in an accomplice, Yeon Ji-ho (30). They tailed A and her husband looking for an opportunity for the crime.

Hwang and Yeon kidnapped A on her way home in front of an apartment building in Yeoksam-dong, Gangnam-gu, Seoul at around 11:46 p.m. March 29. They took her bag, which held four of A’s cell phones and 500,000 won in cash, and handed it to Lee, when they met in Yongin-si, Gyeonggi. Around 2:30 a.m. March 30, they arrived near Daecheong Dam in Daejeon-si and found out the password to A’s coin account. They tried to check her account, but they failed.

On Sunday, the police arrested Lee Kyeong-woo, Hwang Dae-han, Yeon Ji-ho (murder by robbery, abandonment of dead body) and Yi (conspiring a robbery) and transferred them to the Prosecution Service.