Cryptocurrency scandal in South Korea: arrest of fraudsters and troubles for a respected entrepreneur

Meticulous Police Action: Arrest of Investment Scammers in South Korea

In recent days, the South Korean police have made a significant breakthrough in the case of investment scams related to cryptocurrencies. Thanks to the fast and effective intervention of officers from the Haeundae police precinct in Busan, two young scammers have been put behind bars after swindling an impressive sum of money from an elderly man.

Promises of Profit from Cryptocurrency Investments Turned Out to Be Fraudulent

The elderly citizen was assured by the scammers of promising profits from investments in cryptocurrencies from September to December 2022. The two young criminals presented the victim with enticing offers, guaranteeing up to 70% returns for a monthly investment of 1 billion won.

Extorting 5.5 Billion Won in Six Transactions

Unfortunately, the trust due to false promises ended tragically for the elderly man. In total, the victim transferred a total of 5.5 billion won to the scammers in six transactions, believing in the convincing words of the criminals. They, in turn, falsified balance certificates as investment forgeries, deceiving the naive investor.

The South Korean police promptly responded to this criminal activity by arresting the two scammers and ensuring justice for the victim. However, details regarding the recovery of the stolen funds remain confidential and have not been disclosed publicly.

Well-Known Cryptocurrency Entrepreneur Faces Troubles

Apart from the investment fraud case, other surprising information has emerged concerning the world of cryptocurrencies in South Korea. Do Kwon, the co-founder of Terraform Labs and a respected cryptocurrency entrepreneur in the region, reportedly was released from prison in Montenegro on March 23. This decision followed extradition requests from the USA and South Korea.

Currently, Do Kwon will face court proceedings related to allegations of the collapse of the Terra ecosystem in 2022. His situation is a significant aspect of the current cryptocurrency environment in South Korea and has sparked considerable interest among the investor community and observers of this market.