Fake Token Scam Worth $320,000 Busted Before Large Company Stock Exchange Listing
CryptoNewsTerminal Staff13 Aug, 2024
Fake Token Scam Worth $320,000 Busted Before Large Company Stock Exchange Listing
Police Crack Down on $320,000 Token Fraud Authorities have apprehended a group responsible for swindling 400 million won ($320,000) through the sale of fraudulent tokens, according to Yonhap News Agency. The Incheon Metropolitan Police Agency disclosed the arrests of three individuals, including the group's 63-year-old leader surnamed A and a 42-year-old token creator surnamed B, on charges of violating the law prohibiting the fraudulent receipt of similar objects. Additionally, 11 others, including recruiters and promoters, were indicted without being detained. Modus Operandi Between March and June of last year, A and his associates are accused of creating bogus security tokens at offices in Seoul, Incheon, and Gyeonggi Province. These tokens were then marketed at 40,000 won each, resulting in a total scam of 440 million won from 52 victims. The group's fraudulent scheme involved using the promise of stock exchanges involving prominent businesses.
