‘Crypto Investment Gone Wrong’ Sparked Attempted Arson at Crypto Exchange Upbit

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South Korean police revealed that the man arrested for attempted arson last week at the Upbit crypto exchange customer support center had made a terrible cryptoasset investment and lost money on tokens.

The man was initially arrested for trying to set himself alight at the flagship offices in Gangnam’s Yeoksam neighborhood, Seoul’s most wealthy district.

Customers panicked called the police when the man started pouring liquid that appeared to be paint thinner or lighter fluid all over the main hallway of the building. Then he began waving a lighter around. Witnesses claimed that the man had poured the liquid onto himself and was ready for self-immolation. However, police later revealed that the man, in his 40s, had accidentally splashed the liquid onto his clothing and body while trying to cover the floors and walls with it.

The Joongang Ilbo reported the police said that the man was not under the influence of alcohol at the time and was instead angry about his investment decisions.

The Incident

The man was taken to Suseo police station after his arrest. They plan to accuse him of “preliminary” arson and will likely press charges “as soon the investigation is completed.”

This incident became a hot topic on crypto social groups. One commenter, named Park, said that crypto investment was a personal responsibility and that it was wrong to commit a crime at an exchange.

Kim Ji-hye is an employee of a company whose offices lie a few hundred metres from the Upbit service centre in Yeoksam. She said that she heard sirens at the time of the incident but that there was no apparent heightened police presence in the vicinity on Monday.

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