South Korean authorities have apprehended a suspected cryptocurrency scammer who targeted individuals, primarily “housewives and office workers,” in his fraudulent activities.
The 38-year-old man was arrested in Gimpo, Gyeonggi Province, and subsequently handed over to prosecutors to face charges related to fraud. Police officers claimed that the alleged scammer managed to swindle approximately $218,000 from his victims.
According to reports from SBS, the suspect lured his victims by promising them “high profits” and guaranteed returns if they invested in his project. He convinced them that by purchasing “crypto” from “overseas platforms,” they would not only recoup their initial investment but also earn substantial profits.
The suspect operated his scheme from September 2019 to August 2022, assuming various identities including that of a renowned stock trading company director, a successful crypto trader, and even a qualified civil servant.
To identify potential targets, the man actively participated in investment- and crypto-themed group chats on the KakaoTalk chat app platform.
Police authorities further disclosed that the suspect deceived victims by claiming he would invest in tokens set to be listed on major exchanges. Instead, he allegedly gambled the victims’ funds in online casinos that operate using cryptocurrencies.
The occurrence of crypto scams in South Korea has been steadily increasing, prompting the establishment of a specialized unit dedicated to combating such fraud.
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