Two individuals in their 20s and 30s have been apprehended by South Korean police for defrauding a senior citizen and stealing 5.5 billion South Korean won ($4.1 million) through a series of transactions. The scam involved promising the victim substantial returns on cryptocurrency investments between September and December of 2022. The fraudsters assured the victim of a 70% profit on a monthly investment of 1 billion won. The scammers managed to convince the victim to send a total of 5.5 billion won across six different transactions by presenting forged balance certificates as evidence of the investments. The victim was shown fake balance sheets for crypto investments and real estate contracts during the course of the scam. Remarkably, the fake balance sheet displayed a value of 20 billion won in cryptocurrencies, despite none of the victim’s funds reaching the crypto trading account. Although the police have apprehended the fraudsters swiftly, there is currently no information available regarding the recovery of the stolen funds. In a related matter, Do Kwon, co-founder of Terraform Labs, a prominent crypto entrepreneur in South Korea, has reportedly been released from prison in Montenegro on March 23. Kwon is facing legal charges for the collapse of the Terra ecosystem in 2022 and is subject to extradition requests from both the United States and South Korea. The decision to release Kwon was allegedly made by the Council of the Supreme Court, which will review the extradition request from his home country.