South Korean police have arrest a suspected cryptocurrency scammer who allegedly preyed on โhousewives and office workers.โ
Reportsย by the broadcasterย 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 โguaranteedโ โhigh profitsโ 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 โcryptoโ from โoverseas platforms.โ
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.
Onย theย otherย hand, he seemsย 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 โhousewives and office workers to target.โ
And officers alsoย mentionedย that the man had been investigated as part of cryptocurrency fraud-related cases in the past.
Onย theย otherย hand, they stated, detectives had been forced to abandon their probes when he moved funds to โoverseas digitalย currency exchanges.โ
Police stated they man informed suspected victims he would invest in cryptoย tokens that he knew were about forย listing on major exchanges.
Onย theย otherย hand, they stated, he instead used the alleged victimsโ funds to gamble in online crypto-powered casinos.
Boost in South Korean โ Cryptocurrency Scammers?โย
In March, police chiefs announced theย formation of a new devoted cryptocurrency scam-fighting unit.
Cryptocurrency scams are on the boost in South Korea.
And police are likewise battlingย a sharp boost in crypto-powered drug dealing.
The countryโs President last monthย pledged to โwage all-out warโย on crypto-powered drug traders.
