In a recent development, South Korean police have successfully apprehended two individuals in their 20s and 30s for perpetrating a fraudulent scheme, resulting in the unlawful acquisition of 5.5 billion South Korean won (approximately $4.1 million) from a senior citizen. The Haeundae Police Station in Busan, South Korea, spearheaded the operation, bringing the perpetrators to justice for their illicit activities.
The fraudsters lured the senior victim into their scheme by promising lucrative returns on cryptocurrency investments between September and December 2022. Under false pretenses, they offered a tempting proposition of 70% earnings on a monthly investment of 1 billion won. Subsequently, the victim fell victim to the deceit and transferred a total of 5.5 billion won across six transactions to the fraudsters, who proceeded to fabricate balance certificates to substantiate their claims of investment success.
During the course of the scam, the victim was presented with counterfeit balance sheets supposedly reflecting substantial cryptocurrency holdings and real estate contracts. However, investigations revealed that none of the victim’s funds had been allocated to cryptocurrency trading accounts, despite the falsified documentation suggesting otherwise.
While the swift actions of South Korean law enforcement led to the apprehension of the fraudsters, the status of funds recovery remains undisclosed to the public at this time.
In a separate development, reports emerged indicating the release of Do Kwon, co-founder of Terraform Labs, from prison in Montenegro on March 23. Kwon, a prominent figure in South Korea’s cryptocurrency sphere, faces legal proceedings linked to the collapse of the Terra ecosystem in 2022. Details surrounding the circumstances of his release suggest a pivotal decision by the Supreme Court Council, which is deliberating extradition requests from both the United States and South Korea.
These events unfold amidst heightened scrutiny on cryptocurrency-related activities in South Korea, with recent indictments leveled against four employees of the South Korean crypto exchange Coinone. Allegations of employing illegal methodologies to amass profits exceeding $2.26 million during coin listings from multiple projects underscore regulatory efforts to safeguard investors and maintain integrity within the cryptocurrency sector.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
