South Korean Scammers Sell Fake University Degrees for Under $200 in Crypto, Report Finds

Fake University Degrees Sold for Crypto in South Korea

Social media-based forgers in South Korea are offering counterfeit official documents, including university degree certificates, in exchange for cryptocurrency payments as low as $200, according to a report by Herald Kyungjae.

One Telegram-based forger claimed to sell a certificate of enrollment at a top university for $100, promising delivery within two hours if the buyer provided their personal information.

Top Universities Targeted by Forgers

The forged documents include graduation certificates that closely resemble those issued by Yonsei University, one of South Korea’s most prestigious institutions. Yonsei University is ranked 50th in the QS 2026 global rankings.

"I can send you a certificate of enrolment [at a top university] for $100. Just provide your information, and we will deliver it to you within two hours."

Why Crypto Payments Are Preferred by Scammers

The forger emphasized the use of cryptocurrency or digital gift certificates for anonymity, stating:

"If you pay [for forged certificates] using a bank transfer, you, as the customer, could also become a target of a police investigation."

The forger also warned that many "competitor agencies" offering similar services are run by scammers, adding another layer of risk for potential buyers.

Pricing and Availability of Fake Documents

A fake graduation certificate from a foreign university was priced at $341, with the forger claiming the documents are "100% identical to the originals."

The scammers offer a wide range of counterfeit documents, including:

• Driving licenses
• Family relationship documents
• Criminal record certificates
• Bank loan documents

Surge in Forgery Cases in South Korea

South Korean police report that the number of people arrested for forgery nearly doubled between 2021 and 2023. Authorities also note that many forgery cases go undetected, making it difficult to assess the full scale of the problem.

Current Crypto Market Overview

As of Sunday, Bitcoin is trading at $75,487, down 0.7% over the past 24 hours. Ethereum has declined over 1% in the same period, currently valued at $2,329.

Other Crypto News Highlights

• SEC tackles crypto in first episode of new podcast — DL News
• ‘Mother, may I?’ UK regulator’s proposed crypto rules too broad, warns lawyer — DL News
• Hackers target DeFi protocol Kelp DAO in massive $300m exploit — DL News
• Lighter vs. Hyperliquid: who wins? — Milk Road
• How a 233-year-old Wall Street institution went all in on crypto — Bloomberg

Tim Alper is a News Correspondent at DL News. Got a tip? Email him at [email protected].