28 Arrested for 1.8 Billion Won Virtual Currency Investment Fraud
CryptoNewsTerminal Staff21 May, 2024
28 Arrested for 1.8 Billion Won Virtual Currency Investment Fraud
28 individuals, including six who were arrested and 22 who were indicted without detention, are facing charges in a virtual currency investment fraud case. The Gwangju Metropolitan Police Agency's Cyber Crime Investigation Division announced the arrests on the 21st. The accused, led by a man in his 30s identified as Mr. A, are alleged to have stolen approximately 1.8 billion won (about $1.5 million) from 51 victims between July and December of last year. They are believed to have used deceptive tactics, including inducing victims to trade virtual asset futures and promising that cryptocurrencies would be listed on exchanges, to lure victims to an illegal virtual asset futures trading site they operated. The investigation revealed that the group enticed victims into making excessive investments, leading to significant financial losses. The authorities are continuing their investigation to uncover the full extent of the fraud and bring all those involved to justice.
