Coinspeaker
South Korean Police Arrest Two Persons in $4.1M Crypto Scam
South Korean police have arrested two people involved in a crypto scam. According to reports from local media outlets, the authorities nabbed the two at an unnamed location in the nation. The duo, aged between 20 and 30 years, allegedly defrauded a senior citizen of South Korea of approximately 5.5 billion won worth around $4.1 million.
A Failed Promise
The Haeundae Police Station in Busan revealed that the fraudsters posed as crypto experts between September 2022 and December 2022 to lure the victim into investing in the scheme.
The scammers promised the victim, who is in his late 60s, a 70% return on investment in four weeks. The thieves claimed the crypto market was experiencing a boom period, while in reality, the market was reeling from the fall of Terra (LUNA) and the collapse of FTX.
In their words, the thieves said:
“It’s a boom period for coins (cryptocurrency). If you invest 1 billion wo
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