Two fraudsters in their 20s and 30s have been apprehended by South Korean police for swindling a senior citizen out of 5.5 billion won ($4.1 million) by luring them with the promise of lucrative cryptocurrency investments. The Haeundae Police Station in Busan, South Korea, successfully detained the culprits after discovering that they had deceived the victim through multiple transactions. According to a local report, the scammers convinced the senior citizen that they could earn high returns on their cryptocurrency investments between September and December of last year. The fraudsters claimed that a monthly investment of 1 billion won would yield a guaranteed profit of 70%. However, the victim ended up sending a total of 5.5 billion won in six separate transactions to the scammers, who then produced counterfeit balance certificates to substantiate their fraudulent claims. As part of their scheme, the fraudsters showed the victim counterfeit balance sheets for cryptocurrency investments and real estate contracts. Shockingly, the fake balance sheet indicated that the victim’s funds had grown to 20 billion won worth of cryptocurrencies, despite none of the initial 5.5 billion won being deposited into a crypto trading account. Although the police managed to apprehend the fraudsters swiftly, it remains unclear whether the stolen funds will be recovered. In other news related to the cryptocurrency world in South Korea, Do Kwon, the co-founder of Terraform Labs, a prominent crypto entrepreneur, was reportedly released from prison in Montenegro on March 23. Kwon had been detained due to extradition requests from both the United States and South Korea. He is currently facing legal charges related to the collapse of the Terra ecosystem in 2022. The decision to release Kwon was supposedly made by the Council of the Supreme Court, which is currently reviewing whether to grant or deny his extradition to South Korea. As the crypto industry continues to evolve, it is crucial for investors to be aware of potential risks, such as those associated with memecoins on the Solana network.