Teacher Jailed for Stealing Students’ Money to Buy Crypto

[NotATether]

What a shame, this teacher betray trust of it's student and their parents. But i wonder whether this teacher was under false assumption that cryptocurrency is anonymous/not trackable by default, including the buy/sell process.

On what pretense did this teacher ask the students and teachers for the money? As far as I know, only the school administration can ask the students and parents to pay (for tuition, books, whatever). Why is this guy asking for loans and grants himself? And most importantly, how was he able to solicit that much money in the first place?

[ABCbits]

What a shame, this teacher betray trust of it's student and their parents. But i wonder whether this teacher was under false assumption that cryptocurrency is anonymous/not trackable by default, including the buy/sell process.

On what pretense did this teacher ask the students and teachers for the money? As far as I know, only the school administration can ask the students and parents to pay (for tuition, books, whatever). Why is this guy asking for loans and grants himself? And most importantly, how was he able to solicit that much money in the first place?

Those are good question, but the news doesn't answer any of it. The amount of stolen money isn't that much (compared with average salary on South Korea), although i would speculate there are loophole the teacher could exploit (e.g. asking money for educational tour).

[PX-Z]

Scammers are truly the parasites of the crypto industry, whether online or offline. A two-year sentence is way too short for this. That was a teacher with a decent job and salary, something must have been seriously wrong with their mindset to resort to scamming their own students and their parents.

[target]

What a shame, this teacher betray trust of it's student and their parents. But i wonder whether this teacher was under false assumption that cryptocurrency is anonymous/not trackable by default, including the buy/sell process.

On what pretense did this teacher ask the students and teachers for the money? As far as I know, only the school administration can ask the students and parents to pay (for tuition, books, whatever). Why is this guy asking for loans and grants himself? And most importantly, how was he able to solicit that much money in the first place?

Those are good question, but the news doesn't answer any of it. The amount of stolen money isn't that much (compared with average salary on South Korea), although i would speculate there are loophole the teacher could exploit (e.g. asking money for educational tour).

Its the money of the students and parents amounting to $54K. It is still a big amount which I guess these are somewhat funds shared for the kids activity in school. They say "embezzled” I guess the money is entrusted to him.

The teacher took the opportunity but because the trend isn't on his side, the value of the unknown crypto assets.

[Lucius]

~snip~
I think this guy became desperate having heard of cryptocurrency investments, however, cryptocurrency is not a get rich quick syndrome, there are basic lessons to acquire to effectively trade/invest on crypto assets, there is no short cut for investments.

For many, it's just that - you buy cheap today, sell expensive "tomorrow" and that's the whole point of the story. People have always been looking for an easy way to make money, and cryptocurrencies give them a chance to do so - of course the chances are small, but I guess people think they are greater than winning the lottery.

However, investing in cryptocurrencies is a risky business, especially if you "gamble" with other people's money.

Yeah it is risky, i still know people who tell me that they want to help their friend or loved one from financial distress by introducing them to cryptocurrency investment. I always recommend that they explain things to these people well, if you introduce crypto to your friends as a get rich quick scheme, you might be on your way to losing your very close friends.

Or if you want to appear honest, you can lose money too. It happened to me a long time ago that I "persuaded" a friend to invest in BTC, but back then I didn't have high standards for storing it either, so his coins in desktop hot wallet disappeared overnight, and I decided to make up for the loss so he wouldn't blame me for it for the rest of his life.

How the coins disappeared is less important, because by scanning I determined that his computer was infected with all possible garbage that exists, but that was a lesson that taught me to keep my mouth shut when it comes to such things.

When today I hear that people publicly brag about how much they have invested in cryptocurrencies and when they also persuade others to do "something", I understand that they have not learned anything from other people's mistakes.

[Z-tight]

A two-year sentence is way too short for this.

The amount is not so large and from what i also read, the students have been repaid, so i believe the sentencing is a fair one, though some people might think otherwise. I am sure the teacher must have learnt his lessons and after spending two years in jail would probably not go back to such.

[MrSpasybo]

Aside from not borrowing and using other people's money in investing in cryptocurrency, another thing that we should not do is to steal money from students and parents as this is a sure-hit formula for great tragedy. I am sure this teacher was then thinking that he can be able to recover the money invested with good profit but the market was not so kind to him. Instead of teaching his students on financial literacy and the many opportunities and risks in cryptocurrency, this teacher has become a big disgrace to his community. Lessons learned: never be a teacher that steals money for crypto.

Well, I'm also a lecturer but I've never handled student's money. Students manage their own funds instead of through teachers. I also don't have any chance to teach them financial management skills, I can only guide them to learn the theory of electromagnetic waves and semiconductor materials ^^

I'm quite surprised at the amount of money this teacher could misappropriate, up to over $50K, that's a huge amount of money that I have to work 100 months to earn. I'm quite curious about the tokens he invested in, maybe they're just memecoins instead of BTC or ETH.

[Kemarit]

Aside from not borrowing and using other people's money in investing in cryptocurrency, another thing that we should not do is to steal money from students and parents as this is a sure-hit formula for great tragedy. I am sure this teacher was then thinking that he can be able to recover the money invested with good profit but the market was not so kind to him. Instead of teaching his students on financial literacy and the many opportunities and risks in cryptocurrency, this teacher has become a big disgrace to his community. Lessons learned: never be a teacher that steals money for crypto.

Well, I'm also a lecturer but I've never handled student's money. Students manage their own funds instead of through teachers. I also don't have any chance to teach them financial management skills, I can only guide them to learn the theory of electromagnetic waves and semiconductor materials ^^

I'm quite surprised at the amount of money this teacher could misappropriate, up to over $50K, that's a huge amount of money that I have to work 100 months to earn. I'm quite curious about the tokens he invested in, maybe they're just memecoins instead of BTC or ETH.

We can only speculate that it could be just another altcoin and not Bitcoin. Because we have seen the altcoin market really taking a big hit during this cycle. And although we should still be in the bull run, majority of them are way below it's previous all time high. Hopefully, the teacher learned his lessons, but I guess it's too late for him. He will have to find another career path as he could be strip of his licensure and could not be hired anymore. Although if he is not caught and then it turn out that he made a lot of money, then who will want to be a civil servant for years?

[Stuart]

A South Korean court has jailed a teacher who stole money from students and their parents to “squander” on crypto purchases. The court ordered the teacher to serve two years in jail, after hearing he had stolen 80 million won ($54,500) and spent most of the money on unnamed cryptoassets.

The court heard that the teacher “embezzled” the money from students and their parents, as well as “fraudulently selling second-hand goods” in an “online scam” worth approximately 7 million won ($4,770).

The court dismissed the defendant’s appeal, noting that the judge in the teacher’s previous trial had already “taken the defendant’s remorse into account.”

More of this story here at Cryptonews.

Aside from not borrowing and using other people's money in investing in cryptocurrency, another thing that we should not do is to steal money from students and parents as this is a sure-hit formula for great tragedy. I am sure this teacher was then thinking that he can be able to recover the money invested with good profit but the market was not so kind to him. Instead of teaching his students on financial literacy and the many opportunities and risks in cryptocurrency, this teacher has become a big disgrace to his community. Lessons learned: never be a teacher that steals money for crypto.

It is so alarming to hear that a teacher who is supposed to be a role model to his/her students in giving good morals all round life situations has become a complete disgrace to himself and to the entire teaching profession worldwide, and has failed the entire students he has ever taught.

Stealing is a punishable offence, and this is being taught in schools, and a teacher fell victim to his own student. What will the students learn from such. He has destroyed his teaching career forever, cause the news has gone round and all schools within the country has known/seen his face, making the chances of employment thin than normal.

Coming to the crypto currency community, it is never advisable for any crypto enthusiast to take loan when investing in any crypto assets, as the result can be challenging sometimes, not to say stealing from student and parents.

[zeeMN]

I think the judge should have heard him, if his way of stealing was to get crypto assets, then this means the money is technically there just in another form!

For his freedom why not trade the coins for a return of the said money to the affected students and parents..

From the look of things I wouldn't be surprised if he just wanted to use the funds to benefit from the small profits.

[Aanuoluwatofunmi]

A South Korean court has jailed a teacher who stole money from students and their parents to “squander” on crypto purchases. The court ordered the teacher to serve two years in jail, after hearing he had stolen 80 million won ($54,500) and spent most of the money on unnamed cryptoassets.

The court heard that the teacher “embezzled” the money from students and their parents, as well as “fraudulently selling second-hand goods” in an “online scam” worth approximately 7 million won ($4,770).

The court dismissed the defendant’s appeal, noting that the judge in the teacher’s previous trial had already “taken the defendant’s remorse into account.”

More of this story here at Cryptonews.

Aside from not borrowing and using other people's money in investing in cryptocurrency, another thing that we should not do is to steal money from students and parents as this is a sure-hit formula for great tragedy. I am sure this teacher was then thinking that he can be able to recover the money invested with good profit but the market was not so kind to him. Instead of teaching his students on financial literacy and the many opportunities and risks in cryptocurrency, this teacher has become a big disgrace to his community. Lessons learned: never be a teacher that steals money for crypto.

I don't know where such a tutor got that kind of bad inspiration from, that prompted him over doing what he did, this also shows that if he had the opportunity to scam as many other students, he could have done so, investing in crypto is not a crime, but choosing a wrong path to acquire it is what is being frowned at, he would have learn on how to earn crypto even if it is from airdrops than what he did.

[Gposas]

From my own perspective, I perceive there was a special trust from that particular student and parent that the Teacher cyphoned money from because the news article didn't tell that the money came from the whole students in that department/class.

It takes trust to release as much money that could call for a court case... It is obvious that when you use a deceitful and bad means to get funds to do something good, it'll end up being bad..

To the Teacher, he feels he was very wise and probably thought the market is always moving at the favour of investors everytime, forgetting that patience is the key to investment.

Too bad for him that he couldn't think of any legal means of raising funds for his investments, and mind you, I don't think the the Student nor the Parent could have told the school authority.

Curiosity they say, kills the cat and this is the pit the Teacher fell in.

[JoyMarsha]

Lessons learned: never be a teacher that steals money for crypto.

This is the first time I have heard of a teacher stealing from their students to invest in crypto. That doesn't rhyme up well for a teacher to do because the teacher's line of duty doesn't include crypto investment in their syllabus.

Any teacher caught in such an act is a scammer who should be arrested because you, as a teacher, are not employed to do such a thing, to convince people to invest in crypto that they have less knowledge of.

[electronicash]

Lessons learned: never be a teacher that steals money for crypto.

This is the first time I have heard of a teacher stealing from their students to invest in crypto. That doesn't rhyme up well for a teacher to do because the teacher's line of duty doesn't include crypto investment in their syllabus.

Any teacher caught in such an act is a scammer who should be arrested because you, as a teacher, are not employed to do such a thing, to convince people to invest in crypto that they have less knowledge of.

he wasn't trying to convince anyone to invest into crypto but he just took the money he meant to keep because the students trusted him. i think the money is for something else.

an odd situation to be in for a teacher. his career would be over because of this. i doubt any school would hire him again if he ever want to teach again.

I think the judge should have heard him, if his way of stealing was to get crypto assets, then this means the money is technically there just in another form!

For his freedom why not trade the coins for a return of the said money to the affected students and parents..

From the look of things I wouldn't be surprised if he just wanted to use the funds to benefit from the small profits.

thats not going to work. because he invested it. that means he used the money to something else.

[Z-tight]

For his freedom why not trade the coins for a return of the said money to the affected students and parents..

Lol, the source reports that the funds have been returned to the victims. However, if you steal from people and later get arrested, and then you return the money, it does not mean you get a pat on the back and you are told to go home, you are still going to face the law for your crimes.