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 a series of transactions. The Haeundae Police Station in Busan, South Korea, successfully detained the fraudsters after it was discovered that they had promised the victim substantial profits from cryptocurrency investments made between September and December 2022.
The scammers had guaranteed a monthly investment return of 70%, with the victim sending a total of 5.5 billion won across six different transactions. To provide false evidence of their investments, the fraudsters forged balance certificates, which they presented to the victim. These documents included fake balance sheets of cryptocurrency investments and real estate contracts.
Shockingly, the fake balance sheet showed a value of 20 billion won in cryptocurrencies, despite none of the victim’s funds being transferred to the crypto trading account. Although the police were able to apprehend the criminals promptly, information regarding the recovery of the stolen funds has not been disclosed to the public at this time.
In other news related to the crypto 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. This release comes amidst extradition requests from both the United States and South Korea. Kwon is currently facing legal charges for the collapse of the Terra ecosystem in 2022. The decision to release Kwon is said to have originated from the Council of the Supreme Court, which is reviewing a decision that could determine whether he will be extradited to his home country.
As the crypto industry continues to evolve, it is essential for investors to be cautious. A recent magazine article highlights five dangers that investors should be aware of when investing in Solana memecoins, emphasizing the need for due diligence and careful consideration.