Cryptocurrency scammers arrested by police in South Korea – scale of crime shocks!

South Korean Police Arrest Crypto Scammers for $4.1 Million

In recent days, the South Korean police have arrested two scammers for their involvement in a cryptocurrency-related crime valued at $4.1 million. This case has caused a significant stir in the country, shedding light on the increasing issue of scams related to digital currencies.

Scammers Posing as Cryptocurrency Experts

According to information provided by the police, the arrested scammers, aged between 20 and 30, posed as cryptocurrency experts to deceive a senior citizen into a staggering sum of approximately 5.5 billion Korean won (around $4.1 million).

Fraud Based on High Investment Returns Promises

The scammers offered their potential investor a return on investment as high as 70% in just four weeks, using the pretext of a significant cryptocurrency market surge. To gain trust, they presented fake documents suggesting ownership of a large cryptocurrency portfolio and real estate contracts worth a total of $15 million.

Rising Number of Cryptocurrency Scams in South Korea

The police are highlighting an increasing number of cryptocurrency-related scams alongside the growth of the cryptocurrency sector in South Korea. This is not the first instance of large-scale fraud that has rocked the country.

Haru Invest Fraud and Celebrities Accused of Promoting Fake Projects

Back in February, financial authorities arrested three executives from Haru Invest on charges of a massive fraud amounting to around 1.1 trillion won (approximately $828 million), affecting 16,000 clients. Additionally, celebrities and influencers in South Korea were accused of promoting a fake cryptocurrency project called Winnerz, further fueling the fire.

Unveiling a Multilevel Cryptocurrency Scam

The South Korean police have also managed to expose an organized crime group that defrauded investors of a whopping $14 million between 2020 and 2021, leading to the arrest of 25 suspects. This is just a part of the problem that is becoming increasingly urgent in the context of cryptocurrencies in South Korea.