Duo behind $4.1M cryptocurrency 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 and making off with 5.5 billion won ($4.1 million) through a series of deceptive cryptocurrency investments. The suspects, who were taken into custody by the Haeundae Police Station in Busan, South Korea, managed to convince the victim that they could generate substantial profits from cryptocurrency investments between September and December of last year. The scammers guaranteed a monthly return of 70% on a 1 billion won investment. The victim transferred a total of 5.5 billion won in six separate transactions to the fraudsters, who then falsified balance certificates to substantiate their claims. The victim was shown counterfeit balance sheets for cryptocurrency investments and real estate contracts as part of the scam. Although the fake balance sheet indicated holdings of cryptocurrencies worth 20 billion won, none of the victim’s funds made it into the crypto trading account. While the police have successfully apprehended the fraudsters, it is unclear whether the stolen funds will be recovered. In other news, Do Kwon, co-founder of Terraform Labs, a prominent figure in the South Korean crypto industry, has reportedly been 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 subject to extradition requests from both the United States and South Korea. The Council of the Supreme Court will review the decision on whether to grant or deny extradition to South Korea.