South Korean ‘Crypto Scammers’ ‘Defrauded Financier of $4.1 Million’
Suspected South Korean crypto scammers have reportedly deceived a wealthy financier into losing over $4.1 million, according to the country’s police force. The arrests of a group of individuals in their 20s and 30s in Busan’s Haeundae District were made on charges of aiding and abetting fraud. The group allegedly convinced a 60-year-old investor that he would receive a 70% return on his investment within a month. Fake documents, including forged balance certificates, were used to create the illusion that the scammers held $15 million worth of tokens. The scammers also employed an accomplice posing as a wealthy real estate agent to gain the investor’s trust. This incident highlights the increasing prevalence of crypto fraud cases in South Korea as the crypto industry continues to flourish in the country.