{"id":10482,"date":"2023-11-07T05:30:44","date_gmt":"2023-11-07T05:30:44","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/south-korean-police-bust-crypto-scam-arrest-25\/"},"modified":"2023-11-07T05:30:46","modified_gmt":"2023-11-07T05:30:46","slug":"south-korean-police-bust-crypto-scam-arrest-25","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10482","title":{"rendered":"South Korean Police Bust \u2018Crypto Scam,\u2019 Arrest 25"},"content":{"rendered":"<div>\n<figure id=\"attachment_127559\" aria-describedby=\"caption-attachment-127559\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127559\" class=\"wp-caption-text\">Source: Tupungato\/Adobe<\/figcaption><\/figure>\n<p>South Korean police have shut down a firm at the center of a suspected crypto scam that allegedly duped 4,000 people out of their funds, arresting 25 people.<\/p>\n<p>Per Maeil Shinmun, the firm is thought to have amassed almost $14 million worth of fiat and crypto from its customers, with suspects detained on fraud charges.<\/p>\n<p>Officers in the southern city of Daegu said the group of arrestees includes a \u201ccryptocurrency developer\u201d and \u201cthe head of a multi-level sales company.\u201d<\/p>\n<p>Police spokespeople explained that the group created a coin that it promoted via the \u201cmulti-level sales company\u2019s [network]\u201d and social media channels.<\/p>\n<p>Officers said that the group was active in the domestic crypto space \u201cfrom August 2020 to June 2021.\u201d<\/p>\n<p>The group, officers said, also promoted their coin in public, crypto-related KakaoTalk chat rooms where coin enthusiasts gather to exchange crypto trading tips.<\/p>\n<p>Officers said the group \u201clured victims\u201d into their \u201cscheme\u201d by telling them that they could expect to make \u201chuge gains\u201d if they invested in the unnamed coin before it was listed on a domestic crypto exchange.<\/p>\n<p>The token appears to have been legitimate, but police think the claims made about it were not.<\/p>\n<p>Police launched an official probe after the coin was delisted very shortly after its initial listing.<\/p>\n<p>The coin appears to have won major backing, with officers explaining that the firm had \u201cused partnerships with large corporations as bait\u201d for unsuspecting investors.<\/p>\n<p>But, police said, the group used underhand tactics aimed at \u201ccausing market manipulation\u201d to increase its own profits \u2013 and cause more \u201cdamage\u201d to investors.<\/p>\n<p>The firm appears to be based in Daegu, although the National Police Agency and the Daegu police force\u2019s Cyber \u200b\u200bInvestigation Unit said that investors from \u201cacross the country\u201d had been affected.<\/p>\n<figure id=\"attachment_127561\" aria-describedby=\"caption-attachment-127561\" style=\"width: 189px\" class=\"wp-caption alignnone\"><figcaption id=\"caption-attachment-127561\" class=\"wp-caption-text\">The city of Daegu, South Korea. (Source: Ahoerstemeier [CC BY 3.0])<\/figcaption><\/figure>\n<h2>Rise in South Korean Crypto Scams?<\/h2>\n<p>\nOfficers said the probe had already experienced some success, and had already \u201cconfiscated\u201d over $7.3 million worth of the group\u2019s funds.<\/p>\n<p>The police say their probe is ongoing, and officers said they had also charged a 48-year-old crypto exchange executive on charges of aiding and abetting fraud.<\/p>\n<p>A police spokesperson stated:\n<\/p>\n<blockquote>\n<p>\u201c[We have seen a rise] in cryptocurrency developers colluding with multi-level sales firms prior to token listings. Even after listing, coins can experience price volatility, so the public should be careful when investing.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Spike in <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> Scams Targeting Young Korean Women \u2013 Here\u2019s How Fraudsters Strike<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Web3Wiser?src=hash&amp;ref_src=twsrc%5Etfw\">#Web3Wiser<\/a> <a rel=\"nofollow\" href=\"https:\/\/t.co\/OaqqYCeJW2\">pic.twitter.com\/OaqqYCeJW2<\/a><\/p>\n<p>\u2014 Wise (@web3wiser) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/web3wiser\/status\/1663069209625088005?ref_src=twsrc%5Etfw\">May 29, 2023<\/a><\/p>\n<\/blockquote>\n<p>Last month, a convicted crypto fraudster was handed a seven-year jail term, while in May, police investigations resulted in the arrest of a suspected scammer who targetted \u201chousewives and office workers.\u201d<\/p>\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><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/south-korean-police-swoop-on-suspected-crypto-scam-arrest-25.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Tupungato\/Adobe South Korean police have shut down a firm at the center of a suspected crypto scam that allegedly duped 4,000&#8230;<\/p>\n","protected":false},"author":1,"featured_media":10483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-10482","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean Police Bust \u2018Crypto Scam,\u2019 Arrest 25 | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Tupungato\/Adobe South Korean police have shut down a firm at the center of a suspected crypto scam that allegedly duped 4,000 people out of their\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10482\" \/>\n<meta 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