In a recent crackdown, South Korean police apprehended two young individuals for defrauding an elderly person of 5.5 billion won, equivalent to $4.1 million. The suspects, both in their twenties, deceived the senior by enticing them with highly lucrative cryptocurrency investment opportunities. The elaborate scam spanned from September to December 2022, wherein the victim was lured with the promise of a 70% return on a substantial monthly investment.
Con Artists’ Deceptive Promises
The fraudsters convinced the victim of a crypto investment boom, assuring them that an investment of 1 billion won would yield a profit of 700 million won in just 30 days. However, the senior citizen ended up transferring a total of 5.5 billion won through six separate transactions. The criminals further duped the victim by presenting fraudulent balance certificates and documentation of supposed investments.
A fraudulent balance sheet was provided to the elderly victim, showcasing a false 20 billion won worth of cryptocurrency investments. Unfortunately, none of the funds were actually channeled into a legitimate crypto trading account. While the scammers have been caught, the status of the victim’s stolen funds and their potential recovery remains undisclosed.
Wider Implications for South Korea’s Crypto Engagement
The incident occurs against the backdrop of South Korea’s complex relationship with the crypto industry. Notably, the country’s notorious crypto figure, Do Kwon of Terraform Labs, was recently let go from detainment in Montenegro. The release occurred after Kwon served his sentence for possessing falsified travel documents. With extradition requests from both the United States and South Korea hanging over his head, Kwon’s fate is now subject to a Supreme Court Council decision in Montenegro.
The story surrounding Do Kwon continues to unfold as he faces accusations related to the dramatic collapse of the Terra ecosystem in the previous year. The aftermath of his potential extradition is closely watched by the international crypto community and regulatory bodies.