A prestigious university diploma for $200? How far have cryptocurrency crimes come?

▲ Trading prestigious university diplomas for $200 in cryptocurrency…The reality of South Korean forgery organizations/AI generated image

An illegal market where prestigious university diplomas can be obtained for just $200 in cryptocurrency is spreading in South Korea.

According to DL News on April 20 (local time), Telegram-based forgery organizations in South Korea are producing and selling various official documents, including university graduation certificates, through cryptocurrency payments. These organizations claim to provide highly sophisticated forgeries of diplomas from top-tier universities like Yonsei University, making them difficult to distinguish with the naked eye.

According to the report, forgers produce graduation certificates for a payment of approximately $200 in cryptocurrency, while enrollment certificates are traded for around $100. The price for overseas university diplomas goes up to $341. The process involves customers providing personal information, with the documents being produced and delivered within approximately 2 hours.

They prefer cryptocurrencies or digital gift cards as payment methods. This is because, unlike bank transfers, they are difficult to trace and ensure anonymity. A forger explained, "If you use a bank transfer, the buyer could also become a subject of investigation," encouraging cryptocurrency payments.

The scope of forgery is not limited to diplomas. Various official documents, including driver's licenses, family relationship certificates, criminal record certificates, and loan-related documents, are reportedly being traded. Simultaneously, the police are also cracking down on so-called 'revenge businesses' that accept Tether (USDT) payments to facilitate crimes.

According to South Korean police, the number of detected forgery crimes nearly doubled between 2021 and 2023, and the market size is estimated to be even larger when considering undetected cases. It is pointed out that the anonymity of cryptocurrency is once again being widely exploited as a means for criminal payments.

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