Two individuals in their 20s and 30s have been apprehended by South Korean police for defrauding a senior citizen and embezzling 5.5 billion South Korean won ($4.1 million) through a series of transactions. The incident took place in Busan, South Korea, and the suspects were detained at the Haeundae Police Station.
According to local reports, the victim was lured into investing in cryptocurrencies with the promise of substantial profits. The scammers guaranteed a monthly return of 70% on a 1 billion won investment. The fraudsters managed to convince the victim to send a total of 5.5 billion won in six different transactions.
To deceive the victim, the fraudsters fabricated balance certificates, presenting them as evidence of their investments. The victim was shown fake balance sheets of cryptocurrency holdings and real estate contracts. The fake balance sheet claimed that the scammers possessed 20 billion won worth of cryptocurrencies, despite none of the victim’s funds actually reaching any crypto trading account.
While the police have successfully apprehended the fraudsters, information regarding the recovery of the stolen funds has not been disclosed to the public yet.
In related news, Do Kwon, co-founder of Terraform Labs, a prominent figure in the South Korean crypto industry, was reportedly released from prison in Montenegro on March 23. Kwon faces legal charges for his involvement in the collapse of the Terra ecosystem in 2022. The decision to release him was made by the Council of the Supreme Court, which is currently reviewing an extradition request from South Korea.
As the investigation continues, it is crucial for individuals to be aware of the risks associated with investing in memecoins, particularly in the Solana ecosystem.