South Korean Police Arrest Group Suspected of Crypto Scam Targeting Investors
In South Korea, police have apprehended a group of individuals accused of defrauding 170 crypto investors by posing as developers of cryptoasset-issuing robots. Two suspects, aged 63 and 36, have been charged with fraud-related offenses. The alleged masterminds are now under investigation by prosecutors. The victims were reportedly convinced to invest nearly $3 million by promises of high returns. The group advertised a fake coin, claiming to have developed robots and AI software. They held investment briefings and targeted low-income individuals, including elderly citizens. The suspects falsely claimed that their coin would be listed on South Korean and American exchanges.
What Were the Promises Made to the Victims?
The victims were told that they could double their money when purchasing the coin. However, the group misused part of the investment funds for personal purposes. Police have recovered some of the money and are expanding their investigation to find accomplices. Authorities have warned the public to be cautious of crypto projects that guarantee high profits.
Hot Take: Rise in Crypto Scams Targeting Ordinary People
South Korea has seen a rise in crypto-related fraud cases that specifically target ordinary people seeking financial improvement. In light of this trend, the public should exercise caution when investing in projects that promise substantial returns. It is important to thoroughly research and verify any claims made by crypto developers before making investments.
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