{"id":16014,"date":"2023-05-31T01:39:40","date_gmt":"2023-05-31T05:39:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/s-korean-police-bust-350m-crypto-scam-rings\/"},"modified":"2023-05-31T01:39:41","modified_gmt":"2023-05-31T05:39:41","slug":"s-korean-police-bust-350m-crypto-scam-rings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16014","title":{"rendered":"S Korean Police Bust $350m \u2018Crypto Scam Rings\u2019"},"content":{"rendered":"
\n

South Korean police have shut down two suspected crypto scams they think are worth a combined $350 million, with hundreds of victims believed to have been duped.<\/p>\n

Per Joongboo Ilbo, one case involved a \u201cvirtual fashion items\u201d marketplace.<\/p>\n

This appears to have tricked at least 435 \u201cvictims\u201d out of a whopping $333 million.<\/p>\n

The Suwon District Prosecutor\u2019s Office confirmed on May 30 that it had indicted the CEO and Vice President of the marketplace on fraud-related charges.<\/p>\n

Prosecution officials claimed that from November 2020 to September 2021, the individuals operated an \u201conline P2P\u201d site.<\/p>\n

They said this site \u201cguaranteed\u201d investors \u201c3-16% returns\u201d on the stakes if they held funds on the platform \u201cfor 1-5 days.\u201d<\/p>\n

The prosecution also claimed that the site operators created bogus listings for \u201cvirtual\u201d fashion items.<\/p>\n

These included \u201cvirtual\u201d dresses, as well as traditional Korean and Japanese attire, including hanbok<\/i> and kimono pieces.<\/p>\n

But the operators reportedly used a multi-level \u201cpyramid system\u201d to attract new \u201cmembers\u201d to the \u201cmarketplace.\u201d<\/p>\n

Prosecution officials said investors were arranged into eight levels.<\/p>\n

Those at the highest level were reportedly told they could expect 16% returns per day.<\/p>\n

The operators also reportedly claimed to have developed a cryptoasset that they told investors would increase in value the longer they held onto it.<\/p>\n

Prosecutors said they were investigating 10 other people connected with the platform.<\/p>\n

Crypto Scams Spiking in South Korea?<\/h2>\n

Meanwhile, KBS reported that another suspected crypto scam saw investors pay alleged fraudsters some $27 million.<\/p>\n

This suspected scam operated out of Gangnam, the heart of Seoul\u2019s crypto and finance industries.<\/p>\n

Police said they had barred a man, identified by his surname Gu, from leaving the country.<\/p>\n

The media outlet produced audio recordings of Gu allegedly telling groups of investors that his company was currently headquartered in Japan, but had bases in 23 nations.<\/p>\n

Audio recordings appeared to confirm that Gu told investors that \u201cno [investor] has suffered a loss at [the] company.\u201d<\/p>\n

He allegedly claimed that he would be held \u201cpersonally responsible\u201d for any losses, and said his firm was \u201creputable and dependable.\u201d<\/p>\n

Last week, police moved to arrest a suspected crypto scammer who reportedly preyed on unsuspecting \u201chousewives and office workers.\u201d<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

South Korean police have shut down two suspected crypto scams they think are worth a combined $350 million, with hundreds of victims believed to have been duped. Per Joongboo Ilbo, one case involved a \u201cvirtual fashion items\u201d marketplace. This appears to have tricked at least 435 \u201cvictims\u201d out of a whopping $333 million. The Suwon […]<\/p>\n","protected":false},"author":1,"featured_media":16015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-16014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nS Korean Police Bust $350m \u2018Crypto Scam Rings\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"South Korean police have shut down two suspected crypto scams they think are worth a combined $350 million, with hundreds of victims believed to have been\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=16014\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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