Duo behind $4.1M crypto scam apprehended by South Korean police

Two individuals in their 20s and 30s have been apprehended by South Korean police for defrauding a senior citizen of 5.5 billion South Korean won ($4.1 million) by luring them into investing in cryptocurrencies. The suspects, who were detained at the Haeundae Police Station in Busan, carried out multiple transactions to deceive the victim.
According to local reports, the scammers promised the victim significant returns on their crypto investments between September and December 2022. They claimed that a monthly investment of 1 billion won would yield a guaranteed profit of 70%. The police quoted the fraudsters as saying:
The victim fell for the scam and sent a total of 5.5 billion won in six separate transactions to the criminals. In order to create the illusion of legitimate investments, the fraudsters forged balance certificates. The victim was shown fake balance sheets of crypto investments and real estate contracts during the course of the scam.
Remarkably, the fake balance sheet indicated that the victim’s funds had been converted into cryptocurrencies worth 20 billion won. However, none of the victim’s money had actually been deposited into a crypto trading account.
While the police managed to apprehend the fraudsters promptly, information regarding the recovery of the stolen funds has not been disclosed yet.
In other news related to the crypto space in South Korea, Do Kwon, co-founder of Terraform Labs, a well-known figure in the industry, was reportedly released from prison in Montenegro on March 23. Kwon had been facing extradition requests from both the United States and South Korea due to his involvement in the collapse of the Terra ecosystem in 2022. The decision to release Kwon was allegedly made by the Council of the Supreme Court, which is currently reviewing the extradition request.
As the crypto world continues to attract attention, it is important for investors to be aware of the risks involved, including the dangers of investing in Solana memecoins.