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 South Korean won ($4.1 million) through a series of transactions. The Haeundae Police Station in Busan, South Korea, successfully detained the scammers after they convinced the victim to invest in cryptocurrencies with the promise of substantial returns. The fraudulent duo assured the victim of a 70% profit on a monthly investment of 1 billion won between September and December of last year. In total, the victim transferred 5.5 billion won across six separate transactions to the fraudsters, who then produced forged balance certificates as fake proof of investments. The scammers went as far as presenting the victim with counterfeit balance sheets for crypto investments and real estate contracts. Remarkably, the fake balance sheet showed a total of 20 billion won worth of cryptocurrencies, despite the fact that none of the victim’s funds made it to the crypto trading account. While the police managed to apprehend the fraudsters promptly, information regarding the recovery of the stolen funds has not been disclosed. In other news, Do Kwon, co-founder of Terraform Labs, a prominent figure in the South Korean crypto community, 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 alleged involvement in the collapse of the Terra ecosystem in 2022. The decision to release Kwon came from the Council of the Supreme Court, which is currently reviewing whether to grant or deny his extradition to South Korea.