Two swindlers in South Korea have been apprehended by the police for defrauding a senior citizen of 5.5 billion South Korean won ($4.1 million) through promises of lucrative cryptocurrency investments. The Haeundae Police Station in Busan detained two individuals, aged in their 20s and 30s, after it was discovered that they had deceived the elderly victim and conducted multiple transactions to steal the funds. According to local reports, the scammers had convinced the victim that they would provide substantial returns on cryptocurrency investments between September and December of last year. They guaranteed a monthly profit of 70% on an investment of 1 billion won. The police quoted the fraudsters as stating that the victim had sent a total of 5.5 billion won in six different transactions. To further deceive the victim, the fraudsters fabricated balance certificates as proof of the investments made. During the scam, the victim was shown fake balance sheets for cryptocurrency investments and real estate contracts. The fake balance sheet presented to the victim indicated that there were 20 billion won worth of cryptocurrencies, despite none of the victim’s funds actually being used for crypto trading. While the police have successfully apprehended the fraudsters, information regarding the recovery of the stolen funds has not yet been disclosed. In related news, Do Kwon, the co-founder of Terraform Labs, a well-known figure in the South Korean crypto industry, has reportedly been released from prison in Montenegro on March 23. Kwon’s release comes amidst extradition requests from both the United States and South Korea. He is currently facing legal charges for the collapse of the Terra ecosystem in 2022. The decision to release Kwon was allegedly made by the Council of the Supreme Court, which is expected to review the extradition request from South Korea.