'Queenbitcoin' gang arrested and charged for embezzling '300 billion'

IconCryptoNewsTerminal Staff18 Jul, 2024

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'Queenbitcoin' gang arrested and charged for embezzling '300 billion'

After successfully tracking down and apprehending the individuals behind the fraudulent Queenbitcoin (QBZ) coin, the Joint Investigation Team for Virtual Asset Crimes of the Seoul Southern District Prosecutors' Office has slapped them with fraud charges, including the operator and CEO of the QBZ scam coin development company. The gang, through a scheme involving deceptive listings and price manipulation, swindled approximately 4,000 victims out of a staggering 15.1 billion won (~12 million USD). They further escalated their fraudulent activities by dumping their remaining coins onto an unsuspecting specialized scammer coin handler in March and April 2021, netting them an additional 15 billion won (~12 million USD). This brings their total embezzled funds to a colossal 30.1 billion won (~24 million USD). The fraudulent activities of the 'Queenbitcoin' gang exemplify the rampant cryptocurrency scams that continue to inflict losses on investors, highlighting the need for vigilance and caution when navigating the cryptocurrency market.

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