South Korean Police Nabs Crypto Scammer Targeting Women in Workplaces

South Korean Police Nabs Crypto Scammer Targeting Women in Workplaces

South Korean police arrest a suspected crypto scammer who preyed on “housewives and office workers,” allegedly duping them out of $218,000 through promises of high profits from buying “crypto” from overseas platforms.

South Korean police have arrest a suspected cryptocurrency scammer who allegedly preyed on “housewives and office workers.”

Reports by the broadcaster SBS, officers in Gimpo, Gyeonggi Province, arrested a 38-year-old man.

He was handed over to prosecutors on fraud-related charges.

Officers claimed the man duped his victims out of around $218,000.

He allegedly informed them that they would be “guaranteed” “high profits” if they invested in his project.

The man reportedly informed his alleged victims that they would receive their stakes back, along with their profits, by buying “crypto” from “overseas platforms.”

Officers stated the man operated the suspected scheme from September 2019 to August 2022.

The man allegedly posed as the director of a famous stock trading company.

On the other hand, he seems to have assumed a range of different identities in a bid to dupe more alleged victims.

He likewise pretended to be a successful cryptocurrency trader at times, and even posed as well-qualified civil servant.

Police stated the man frequented investment- and crypto-themed group chats on the KakaoTalk chat application platform in a bid to find “housewives and office workers to target.”

And officers also mentioned that the man had been investigated as part of cryptocurrency fraud-related cases in the past.

On the other hand, they stated, detectives had been forced to abandon their probes when he moved funds to “overseas digital currency exchanges.”

Police stated they man informed suspected victims he would invest in crypto tokens that he knew were about for listing on major exchanges.

On the other hand, they stated, he instead used the alleged victims’ funds to gamble in online crypto-powered casinos.

Boost in South Korean ‘ Cryptocurrency Scammers?’ 

In March, police chiefs announced the formation of a new devoted cryptocurrency scam-fighting unit.

Cryptocurrency scams are on the boost in South Korea.

And police are likewise battling a sharp boost in crypto-powered drug dealing.

The country’s President last month pledged to “wage all-out war” on crypto-powered drug traders.


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