Two individuals in their 20s and 30s have been apprehended by the Haeundae Police Station in Busan, South Korea, for defrauding a senior citizen and pocketing a hefty sum of 5.5 billion South Korean won. The fraudsters lured the victim with the promise of lucrative cryptocurrency investments, which were supposed to yield high returns between September and December of last year.
The scammers, cunningly, guaranteed the victim a 70% profit on a monthly investment of 1 billion won. The police revealed that the fraudsters had made false statements, saying:
“The victim was led to believe that by transferring a total of 5.5 billion won across six different transactions, their investments would grow significantly. In order to further deceive the victim, the scammers fabricated balance certificates, presenting them as proof of the investments made.”
During the course of the scam, the victim was shown counterfeit balance sheets of crypto investments and real estate contracts. Astonishingly, the fake balance sheet displayed an amount of 20 billion won in cryptocurrencies, despite the fact that none of the victim’s funds made their way into any crypto trading account.
While the police managed to apprehend the fraudsters promptly, there is no information available at this time regarding the recovery of the stolen funds.
In other news related to cryptocurrency in South Korea, Do Kwon, the co-founder of Terraform Labs, a prominent figure in the crypto industry, was reportedly released from prison in Montenegro on March 23. This release comes amidst extradition requests from both the United States and South Korea, as Kwon faces legal charges for the collapse of the Terra ecosystem in 2022. The decision to release Kwon allegedly came from the Council of the Supreme Court, which is currently reviewing the extradition request from his home country.
As individuals continue to invest in cryptocurrency, it is crucial to exercise caution and be aware of the risks involved. There are several dangers to watch out for, particularly when investing in memecoins on the Solana platform. It is important to stay informed and make informed decisions to safeguard oneself from potential scams and fraudulent activities.