Two individuals in their 20s and 30s have been apprehended by South Korean police for defrauding a senior citizen and stealing 5.5 billion South Korean won ($4.1 million) through multiple transactions. The suspects lured the victim into investing in cryptocurrencies between September and December 2022, promising high returns. They guaranteed a monthly profit of 70% on a 1 billion won investment. The victim fell for the scam and sent a total of 5.5 billion won in six different transactions to the fraudsters. In order to deceive the victim, the scammers produced fake balance certificates as proof of investments, presenting fabricated balance sheets of crypto investments and real estate contracts. Surprisingly, the fake balance sheet showed a value of 20 billion won in cryptocurrencies, even though none of the victim’s funds were actually used for crypto trading. The police detained the fraudsters promptly, but there is no information yet regarding the recovery of the stolen funds. In other news, Do Kwon, the co-founder of Terraform Labs, a prominent South Korean crypto entrepreneur, was reportedly released from prison in Montenegro on March 23. Kwon is facing legal charges related to the collapse of the Terra ecosystem in 2022 and is currently the subject of extradition requests from the United States and South Korea. The Council of the Supreme Court will review a decision that could determine whether Kwon will be extradited back to South Korea.