{"id":81869,"date":"2023-11-07T19:45:03","date_gmt":"2023-11-08T00:45:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/s-korean-police-bust-intl-crypto-fraud-ring\/"},"modified":"2023-11-07T19:45:07","modified_gmt":"2023-11-08T00:45:07","slug":"s-korean-police-bust-intl-crypto-fraud-ring","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81869","title":{"rendered":"S Korean Police Bust \u2018Int\u2019l Crypto Fraud\u2019 Ring"},"content":{"rendered":"<div>\n<figure id=\"attachment_127878\" aria-describedby=\"caption-attachment-127878\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127878\" class=\"wp-caption-text\">Source: Maksim Shmeljov\/Adobe<\/figcaption><\/figure>\n<p>South Korean police\u00a0have swooped on a group of suspected \u201cinternational\u201d crypto fraudsters, freezing over $12 million and arresting 49.<\/p>\n<p>Newsis reported that the Cyber Investigation Department of the Seoul Metropolitan Police Agency has \u201carrested a total of 49 people, including the six suspected leaders of six separate organizations.\u201d<\/p>\n<p>The group has been charged with fraud, with officers suspecting the group of \u201coperating a fake cryptoasset investment site.\u201d<\/p>\n<p>The site was mainly used to attract overseas investors in locations including the Philippines, police spokespeople explained.<\/p>\n<p>Police think the group was active from September 2020 until April last year, and that it managed to raise over $11.5 million from at least 253 victims.<\/p>\n<p>Officers think the group targeted potential victims by buying personal data leaked to the internet.<\/p>\n<p>And police claimed the group had bought access to \u201c1.62 million pieces of illegally acquired personal information.\u201d<\/p>\n<p>According to police sources, the group also tried to lure would-be investors onto their site by \u201crandomly distributing\u201d promotional messages to public crypto-related chat app groups.<\/p>\n<p>Earlier this week, police arrested 25 people in a raid in the city of Daegu \u2013 also alleging that this group had used chat app groups to attract potential victims.<\/p>\n<p>Police released images of some of the money they confiscated from the alleged crypto fraud ring.<\/p>\n<figure id=\"attachment_127884\" aria-describedby=\"caption-attachment-127884\" style=\"width: 720px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127884\" class=\"wp-caption-text\">Source: Seoul Metropolitan Police Agency<\/figcaption><\/figure>\n<h2>How Did South Korean \u2018International Crypto Fraudsters\u2019 Dupe \u2018Victims?\u2019<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Police claim that the latest \u201cscheme\u201d was highly sophisticated, and involved several \u201cteams\u201d of dedicated \u201cemployees\u201d at each of the six \u201corganizations.\u201d<\/p>\n<p>Some, officers said, posed as satisfied investors who came to chat rooms to show off the amount of money they had made from investing in the site.<\/p>\n<p>Others worked as bogus crypto exchange employees, initially promising \u201cinvestors\u201d that they could expect to make huge returns on their investments.<\/p>\n<p>When victims made small initial investments on the platform, they were rewarded with \u201cwithdrawable\u201d returns of x1.5.<\/p>\n<p>This helped the alleged fraudsters build the trust of their victims, police said.<\/p>\n<p>The bogus exchange then promised that larger investments would be rewarded with \u201cx3 to x5 profits.\u201d<\/p>\n<p>If they did as instructed, police said, victims were then told that they could not withdraw their funds without first making more deposits or paying more \u201ctaxes and fees.\u201d<\/p>\n<p>If victims complained, they were later contacted by another \u201cteam\u201d that claimed the victim was about to become the subject of an investigation by the regulatory Financial Supervisory Service.<\/p>\n<p>Eventually, victims were forcibly ejected from the chat rooms and left without a way to log into the bogus exchange.<\/p>\n<figure id=\"attachment_127886\" aria-describedby=\"caption-attachment-127886\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127886\" class=\"wp-caption-text\">The headquarters of the Seoul Metropolitan Police Agency in Seoul, South Korea. (Source: hyolee2 [CC BY-SA 3.0])<\/figcaption><\/figure>\n<p>The alleged scheme is reminiscent of the V Global crypto exchange platform, a seemingly bona fide trading platform that turned out to be a front for a $2.3 billion fraud operation.<\/p>\n<p>Earlier this year, the V Global CEO was sentenced to serve 25 years in prison, with a number of executives also given long-term jail sentences.<\/p>\n<h2>Crypto Fraud Rising in South Korea?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>A police spokesperson said:<\/p>\n<blockquote>\n<p>\u201cWe will crack down thoroughly on vicious financial crimes that are causing trouble for ordinary people. [Criminals prey on] victims in difficult economic situations due to rising inflation and high interest rates.\u201d<\/p>\n<\/blockquote>\n<p>The spokesperson warned:<\/p>\n<blockquote>\n<p>\u201cThe public now needs to be especially careful about making investments in virtual assets, stocks, futures, and so on. Criminals often use the promise of high profits as bait.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/south-korean-police-shut-down-international-crypto-fraud-ring-freeze-1-2m.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Maksim Shmeljov\/Adobe South Korean police\u00a0have swooped on a group of suspected \u201cinternational\u201d crypto fraudsters, freezing over $12 million and arresting 49. Newsis reported that the Cyber Investigation Department of the Seoul Metropolitan Police Agency has \u201carrested a total of 49 people, including the six suspected leaders of six separate organizations.\u201d The group has been [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S Korean Police Bust \u2018Int\u2019l Crypto Fraud\u2019 Ring | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Maksim Shmeljov\/Adobe South Korean police\u00a0have swooped on a group of suspected \u201cinternational\u201d crypto fraudsters, 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