Cryptocurrency scam in South Korea: thieves arrested with 5.5 billion won


Police in South Korea Arrest Scammers Who Defrauded Senior Citizen of 5.5 Billion Won in Cryptocurrency Investment

Police in South Korea have arrested two scammers who defrauded a citizen of 5.5 billion won in a fraudulent cryptocurrency investment scheme. The incident took place in Busan, where the Haeundae police station took action against the young criminals, aged in their 20s and 30s, responsible for the scam against the senior citizen.

Promises of Profit and Fake Balance Certificates

The senior citizen was promised unimaginable profits from investing in cryptocurrencies from September 2022 to December 2022. The scammers assured him of up to 70% monthly profits, which tempted the victim to transfer a huge sum of money – totaling 5.5 billion won in six different transactions. All of this was based on false promises and forged balance certificates meant to prove the alleged investments.

Controversy Surrounding Fund Recovery

Despite the successful arrest of the scammers by the police, there is still uncertainty regarding the recovery of funds by the victim. Information on the potential refund has not yet been disclosed, causing much concern and tension among those impacted by the criminal activities.

Release of Cryptocurrency Entrepreneur Do Kwon from Jail

In a slightly different context, South Korean cryptocurrency entrepreneur Do Kwon, co-founder of Terraform Labs, was reportedly released from jail in Montenegro on March 23. This decision is related to extradition requests filed by the United States and South Korea. The Supreme Court’s decision to release Kwon is also expected to address the issue of possible extradition to his home country.

The whole case points to the growing challenges associated with cryptocurrency investments and the need to exercise caution in business relationships to avoid similar scams and significant financial losses.