Two fraudsters in their 20s and 30s have been apprehended by South Korean police for swindling a senior citizen out of 5.5 billion won ($4.1 million) by promising lucrative cryptocurrency investments. The Haeundae Police Station in Busan, South Korea, successfully detained the culprits after they deceived the victim through multiple transactions.
According to local reports, the scammers enticed the senior citizen with the prospect of high returns on cryptocurrency investments between September and December 2022. They guaranteed a monthly profit of 70% on a 1 billion won investment. The police quoted the fraudsters as saying:
The victim fell victim to the scam and sent a total of 5.5 billion won through six separate transactions to the fraudsters, who then fabricated balance certificates to feign proof of investments. Throughout the scheme, the victim was presented with counterfeit balance sheets of crypto investments and real estate contracts.
The fake balance sheet indicated holdings of 20 billion won worth of cryptocurrencies, despite none of the victim’s funds reaching the crypto trading account. Although the police have promptly apprehended the fraudsters, information regarding the recovery of the stolen funds has not been disclosed.
In related news, South Korea’s notorious crypto entrepreneur, Do Kwon, co-founder of Terraform Labs, was reportedly released from prison in Montenegro on March 23. This comes amidst extradition requests from both the United States and South Korea. Kwon is currently facing legal charges for his involvement in the collapse of the Terra ecosystem in 2022. Prison director Darko Vukcevic confirmed the news, stating:
The decision to release Kwon was allegedly made by the Council of the Supreme Court, which is currently reviewing the extradition request from Kwon’s home country of South Korea.
Additionally, a magazine has highlighted five potential dangers when investing in Solana memecoins, cautioning investors to be vigilant.