Two individuals in their 20s and 30s have been apprehended by South Korean police after defrauding a senior citizen of 5.5 billion won ($4.1 million) by promising lucrative cryptocurrency investments. The Haeundae Police Station in Busan, South Korea, detained the fraudsters, who had conducted multiple transactions to steal the victim’s money. The scam unfolded between September and December 2022, during which the victim was guaranteed a 70% monthly return on a 1 billion won investment. The fraudsters provided forged balance certificates as proof of the investments, displaying fake balance sheets of crypto holdings and real estate contracts. Although the fake balance sheet showed 20 billion won worth of cryptocurrencies, none of the victim’s funds made it into the crypto trading account. While the police have successfully apprehended the fraudsters, there is no information available yet regarding the recovery of the stolen funds. In unrelated news, Do Kwon, co-founder of Terraform Labs, a prominent crypto entrepreneur in South Korea, has reportedly been released from prison in Montenegro on March 23. Kwon faces legal charges related to the collapse of the Terra ecosystem in 2022, and his release comes amidst extradition requests from the United States and South Korea. The Council of the Supreme Court is currently reviewing a decision that will determine whether Kwon will be extradited to South Korea.