South Korean Police Shut Down ‘Gangsters’ $32m Crypto Scam Ring’

South Korean authorities have successfully dismantled a cryptocurrency scam ring operating on a chat app platform, resulting in the arrest of eight individuals and 79 accomplices. The group, described as “gangsters,” allegedly ran fake “crypto reading room” sites to deceive and defraud unsuspecting victims nationwide. The scammers targeted 572 people, convincing them to invest in cryptocurrencies through false promises of guaranteed profits. The police seized assets worth $1.9 million and revealed that the gang members were primarily young individuals from the millennial and Gen Z age groups. This crackdown is part of ongoing efforts to combat crypto scams in South Korea, where chat app platforms have become breeding grounds for opportunistic fraudsters. Nevertheless, authorities remain optimistic about the future of digital assets in the country and are planning to launch a city-run “digital assets” exchange in early 2024.