IWSF – Ch 265

Jeil Group Chairman Ham Soon-pyo, whose real name was Ham Seok-hoon, received Choi Nam-woo’s call.

[…He says he’s interested in investing, so I think it would be good for you to meet him once.]

***

“Is the 5 billion won confirmed?”

[Yes. I’ve confirmed it myself. He says he’ll invest 5 billion won for now out of 10 billion, but if we talk to him well, it might be possible to get even more.]

It seemed a bit strange that a young man in his 20s would invest such a large sum of 5 billion won, but he could understand it when he heard that he had made money with coins.

Ham Seok-hoon sneered inwardly. ‘Guys who made money with coins are all the same.’

In fact, among those who invested hundreds of millions, there were many “coin dudes” who had made money with cryptocurrency.

Gambling and investing are the same. If you’re lucky enough to make money, you should cash out and get up, but they can’t let go of their attachment and keep hovering around the game.

Then eventually they lose it all and regret it.

Ham Seok-hoon finished his thoughts and said, “Okay. I’ll meet him once.”

Ham Seok-hoon took his S-Class Maybach to a hotel in Cheongdam-dong.

Just last year, he was penniless, living in jjimjilbangs (Korean saunas) and yeogwans (cheap inns) and having to walk everywhere. But now he lives in a luxury foreign car and a penthouse overlooking the Han River.

All thanks to the success of this business. No matter how much money he spent, instead of decreasing, his balance kept increasing.

‘This is all thanks to my good eye for people.’

The key to this business is raising investment funds. While looking for the right person, he happened to get to know Choi Nam-woo by chance. In conclusion, it was incredibly lucky.

He entrusted JG Blockchain to Choi Nam-woo. Whether he had a knack for this kind of work or not, he quickly learned how to give lectures and his showmanship.

Most importantly, he was Kang Jin-hoo’s relative. Just by mentioning Kang Jin-hoo’s name, investors lined up.

So this guy must have fallen for it too.

‘By the way, lottery and coins in a row… is he incredibly lucky?’

It was a bit suspicious that such luck would happen twice in a row, but…

However, when he actually met him, his doubts melted away like snow. A young man wearing a baseball cap and glasses was standing in front of him. Slightly plump, wearing jeans and a hoodie.

Ham Seok-hoon, like a con artist, had a good eye for detail. In his view, the young man in front of him had nothing special about him. If such a guy had made a lot of money, it must be just because he was followed by powerful luck.

‘It seems like that luck is about to run out.’

He hid his true feelings and offered his hand with a friendly smile. “Nice to meet you. I’m Ham Soon-pyo, Chairman of Jeil Group.”

Taek-gyu shook his hand. “Yes, hello. Nice to meet you. I’m Oh Taek-gyu. I’ve heard a lot about you.”

Ham Seok-hoon, Choi Nam-woo, and Taek-gyu sat down at a hotel coffee shop and talked. Taek-gyu asked questions as if curious about various things, and Ham Seok-hoon answered without hesitation.

How he came to plan this business, and what happened in the process of pushing it forward. The names of various politicians and celebrities came up, and when he talked about meeting Venezuelan government officials and acquiring state-owned oil fields, he even showed photos taken when signing the MOU and local newspaper articles.

Ham Seok-hoon thought of scams not as mere crimes, but as a comprehensive art form.

The key to a scam is not showing what you want to show, but showing what the other person wants to believe.

So Jeil Group really created a corporation in Venezuela and signed contracts with mining companies. And they bribed Venezuelan government officials, obtained plausible documents, and signed an MOU.

So much so that even the people working with him all believed it was true.

“When you do business around the world, you naturally learn various languages. Dedicale mas tiempo a lo que te hace realmente feliz!”

“What does that mean?”

“Dedicate more time to what makes you truly happy! It’s my favorite Spanish proverb.”

Taek-gyu was genuinely impressed. ‘Wow! Not just anyone can be a scammer.’

At this point, could it be that he himself believes it’s real?

“What is it that makes Chairman happy?”

“I feel happy when I share happiness with others. That’s why I do this work.”

“Oh, I see.”

Taek-gyu nodded enthusiastically and thought, ‘This year is a bumper crop of bullshit.’

Choi Nam-woo said, “As you know since you invested in Vant Coin, once the initial issuance is over, the issuance volume of cryptocurrency drastically decreases. The pre-sale is almost over, so we’re planning to raise the coin sales price soon.”

Taek-gyu showed an impatient expression. “Then I should invest quickly before it’s too late. Let’s write the contract right after the lecture.”

A lecture for VIP members is scheduled to be held in this hotel hall shortly.

Choi Nam-woo stood up from his seat. “Then shall we move to the hall first?”

“Ah! Is it possible for one more person to attend? I have a close friend who made a lot of money with coins, and after meeting the Chairman in person and hearing your words, I’m convinced and want to introduce him.”

A sucker is coming with money in hand, there’s no reason to stop him.

Ham Seok-hoon smiled. “Haha, of course. I’m glad we met today.”

Taek-gyu nodded. “Yes. I’ll tell him to come here later.”

A lecture by JG Blockchain was held in the Avalon Hotel hall in Cheongdam.

This lecture was a place for so-called VIP members who had purchased Jeil Gold Coin for 50 million won or more. It was to induce additional investment or to encourage them to bring in acquaintances.

A hotel buffet was prepared at the back of the hall, and people freely filled their plates with food and chatted. The topic was naturally about Jeil Gold Coin.

Everyone looked excited with expectations of making a huge amount of money.

Min Ha-young’s purchase amount was insufficient, but she was able to join the event as Taek-gyu’s upline.

‘Could he really be planning to invest 5 billion won?’

She said to Taek-gyu, sounding uneasy, “Shall we go out for a bit and get some fresh air?”

“No. I’m comfortable here.”

“Aren’t you stuffy?”

“No. I’m fine.”

“I have something to tell you for a moment…”

“Ah! This meat is delicious. I should get some more.”

She gave him hints several times, but Taek-gyu was busy gobbling up the buffet.

When the meal was somewhat finished, Choi Nam-woo went up to the podium, and people applauded.

“Nice to meet you all. I’m Choi Nam-woo, CEO of JG Blockchain.”

He lectured passionately as usual. The Jeil Gold Coin listing plan and Venezuelan oil field mining videos appeared on the screen in turn.

“As you can see, oil gushes out as soon as you drill a hole. This oil, which will be sold worldwide, can only be purchased with Jeil Gold Coin! These days, the media is making a fuss about rising oil prices, but you people here don’t have to worry at all. That’s because you can always buy this oil with the Jeil Gold Coins you hold. As oil prices rise, the value of Jeil Gold Coin will also rise, so shouldn’t we be happy about high oil prices?”

Members burst into laughter, and Taek-gyu also applauded and cheered enthusiastically.

Ham Seok-hoon asked, watching him, “When is the person you said was coming arriving?”

Taek-gyu said, eating bread, “He should be here soon. Ah! He’s here.”

A young man in a suit walked into the hall.

‘Wait. That person is…?’

He jumped onto the podium before the ushers could even stop him. Then he bowed his head and said, “Hello. I’m Ban Joo-won, CEO of cryptocurrency exchange Bithumb. I heard there was a presentation on the trending Jeil Gold Coin, so I came here like this.”

Ban Joo-won had been featured in articles as a successful businessman, and had been interviewed by the media several times during the cryptocurrency craze.

People who recognized his face whispered at once. “It’s really the CEO of Bithumb!”

“Oh! It really is.”

“Could it be that he came because of the listing of Jeil Gold Coin?”

“Waaaah!”

Clap clap clap!

The audience, thinking it was a surprise event, excitedly applauded all at once, and the ushers who were trying to drag him down hesitated.

Ban Joo-won said to Choi Nam-woo, “Excuse me, could you lend me the microphone for a moment?”

Choi Nam-woo was flustered, but unknowingly handed over the microphone. Then Ban Joo-won took the microphone and spoke to the people in the hall.

“I am very pleased to meet the members of JG Blockchain today. I heard that all of you gathered here have invested a large sum of money in Jeil Gold Coin. I myself have always had a great interest in Jeil Gold Coin. However, there is one thing that bothers me…”

Everyone held their breath and focused on his words.

‘Damn it. What on earth is this situation?’

Ham Seok-hoon quickly got up from his seat and tried to leave the hall, but Taek-gyu next to him firmly grabbed his hand. “Where are you going, Chairman? You should listen to the end before you go.”

“What…?”

‘Come to think of it, did this guy call the Bithumb CEO here? Who the hell is he?’

Ban Joo-won continued to speak. “That is that JG Blockchain has no connection whatsoever with CEO Kang Jin-hoo, let alone Bithumb. Of course, I know that JG Blockchain CEO Choi Nam-woo has been emphasizing that he is related to CEO Kang Jin-hoo and lecturing as if Jeil Gold Coin would be listed on Bithumb any day now. However, I would like to state clearly in this place that JG Blockchain has no connection whatsoever with CEO Kang Jin-hoo, let alone Bithumb. In addition, as a result of blockchain experts checking Jeil Gold Coin, it has been revealed to be a so-called scam coin that copied the source code of Roidaa. As it is cryptocurrency garbage with no value of even 1 won, it will never be listed on Bithumb.”

In an instant, the hall was as quiet as a mouse.

No one could open their mouths in utter shock. The people gathered here had bought Jeil Gold Coins, investing from as little as 50 million won to as much as hundreds of millions.

But that coin was worthless garbage?

If someone else had said it, they would never have believed it. But the person who said these words was none other than the CEO of Bithumb, the largest cryptocurrency exchange in Korea.

Screams and shouts simultaneously erupted from people’s mouths.

“What? A scam?”

“They said it would be listed on Bithumb soon!”

“Could it be that it was all lies?”

“Was this all a scam?”

Some people seemed to faint and collapsed, or slumped down on the floor.

Choi Nam-woo was flustered and snatched the microphone from Ban Joo-won. “N-no, that’s not it. There, there seems to be some misunderstanding.”

“Misunderstanding, my ass? Give me back my money, you scammer!”

When someone rushed forward first, others also rushed towards the podium all at once.

“Where’s my money?”

“C-calm down!”

There was no way they would calm down with such words.

“Give me back my money right now!”

“What kind of money is this to me!”

“The story about being related to Kang Jin-hoo was also a lie?”

“I, I…”

He tried to step back, but some people had already grabbed his body. A burly man grabbed Choi Nam-woo by the collar and shook him. “Where’s my money, you bastard? Tell me now before I kill you!”

“Cough cough! S-save me…”

Choi Nam-woo felt the fear that he might be beaten to death on the spot.

Fortunately, at that moment, the hall door burst open and police officers poured in. Behind them were reporters with cameras.

“Freeze! Everyone step back!”

The police rescued Choi Nam-woo, who was surrounded by members, and then handcuffed him. A prosecutor in a black suit strode forward and unfolded a piece of paper in front of Ham Seok-hoon.

“Chairman Ham Soon-pyo of Jeil Group… no, Mr. Ham Seok-hoon, is that right? This is an arrest warrant. Please cooperate peacefully.”

Clang!

His hands were also handcuffed.

Choi Nam-woo shouted at Ham Seok-hoon, “Chairman! What is going on? This isn’t a scam, is it? Please say something. Chairman!”

Unlike Choi Nam-woo, who was flustered and didn’t know what to do, Ham Seok-hoon had a calm expression.

He clicked his tongue inwardly. ‘I shouldn’t have come to a place like this.’

He hadn’t completely ruled out the possibility of being caught like this, so he had thought of escape routes.

‘Anyway, Choi Nam-woo, who directly raised investment funds, will take all the blame.’

Most of the money Choi Nam-woo raised in Korea had been transferred to Singapore. Money remaining in domestic bank accounts might be immediately frozen, but not overseas accounts.

They would track the flow of funds and request account freezing from the relevant country, but by then, he would have already siphoned it off into nominee accounts and secret accounts.

With that money, he could hire prominent lawyers and get probation, or even if he unfortunately served a few years, his retirement for life would be guaranteed.

Isn’t Korea a very lenient country when it comes to financial crimes?

As he was thinking that, Taek-gyu spoke to him. “You’re not perhaps relieved now, thinking you’ve shifted the blame to Choi Nam-woo and siphoned all the money overseas, are you? If you go to the prosecutor’s office and hear the story, you’ll know that the Venezuelan state-owned oil fields scam and the siphoning of investment funds have all been exposed. It won’t be easy to get away with it. And by now, the warrant has gone to Golden Gate and those accounts are all frozen, so you won’t be able to get a single penny.”

At those words, Ham Seok-hoon’s face turned pale. When he has money, he is a white-collar criminal and a big shot, but when he has no money, he is just a scammer and a penniless bum.

“H-how did you…?”

“Why did you use Golden Gate accounts then?”

‘My money that I worked so hard to earn!’

Even scammers cherish their own money.

Ham Seok-hoon looked at Taek-gyu and shouted, “Who the hell are you? What gives you the right to ruin someone else’s business?”

Taek-gyu blinked, as if not understanding. “No, earlier you said, Chairman, to dedicate yourself to what makes you truly happy. Doing this makes me happy, so I just dedicated myself to it, but what did I do wrong? I’m so upset.”

“……”

To Ham Seok-hoon, who was speechless with absurdity, Taek-gyu continued, “For your information, my favorite Korean proverb is ‘In-sil-jok’.”

“Wh-what?”

“It means ‘Life is real. Motherfucker’.”

Sparks flew from Ham Seok-hoon’s eyes. “You bastard!”

He tried to rush at Taek-gyu, but his arms were held by the police, so he couldn’t move an inch.

The police dragged Ham Seok-hoon and Choi Nam-woo away in turn. Choi Nam-woo shouted as he was being dragged away. “Let go of me! My brother-in-law is Kang Jin-hoo. Don’t you know OTK Company Kang Jin-hoo?”

Taek-gyu asked him, “The brother-in-law who became sassy after making money?”

“Wh-what?”

The moment he heard those words, old memories flashed through his mind. “You, you are perhaps… the guy in front of the house back then…?”

“I’ll send your regards to your CEO brother-in-law.”

The hall was a complete mess.

People standing blankly as if they had lost their minds, people shouting to get their money back, people lying on the floor and wailing, and so on.

‘Was this really all a scam?’

Min Ha-young looked at her high school classmate with confused eyes.

Then Taek-gyu shrugged his shoulders. “If you had invested without knowing, it would have been a disaster.”