Duo behind $4.1M cryptocurrency scam apprehended by South Korean police

Two fraudsters in South Korea have been apprehended by the police after stealing 5.5 billion won ($4.1 million) from an elderly citizen by promising lucrative cryptocurrency investments. The Haeundae Police Station in Busan detained two individuals in their 20s and 30s who had deceived the senior citizen and conducted multiple transactions to steal the funds. According to local reports, the victim was enticed with high returns on crypto investments from September to December 2022. The scammers guaranteed a monthly profit of 70% on a 1 billion won investment. The police quoted the fraudsters as saying that the victim sent a total of 5.5 billion won through six different transactions, and the scammers then forged balance certificates as evidence of the investments. The victim was shown fake balance sheets of crypto investments and real estate contracts during the scam. The fake balance sheet indicated 20 billion won worth of cryptocurrencies, even though none of the victim’s funds had actually been invested in crypto trading accounts. While the police have apprehended the fraudsters promptly, details about the recovery of the stolen funds have not been disclosed yet. In other news, Do Kwon, co-founder of Terraform Labs, a well-known 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. His release is said to be based on a decision made by the Council of the Supreme Court, which will review the extradition requests from the United States and South Korea.