Alleged Scam: Inducing Investment in Virtual Assets with Guaranteed High Returns

IconCryptoNewsTerminal Staff14 Jun, 2024

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Alleged Scam: Inducing Investment in Virtual Assets with Guaranteed High Returns

Deception Leading to Alleged Virtual Asset Investment Scam According to News 1, a recent investigation by the 1st Criminal Division of the Daegu District Prosecutors' Office has resulted in the arrest and indictment of an individual, Person A, for allegedly violating the Capital Markets Act. The allegations stem from a scheme where Person A is accused of luring victims into investing in virtual assets through promises of high returns. Person A is alleged to have targeted victims through an investment reading room, connecting them with operators of a counterfeit Home Trading System (HTS). From March 2022 onwards, the victims were enticed to invest, and Person A is accused of subsequently embezzling approximately 2.7 billion won (around $2 million) of the investment proceeds. The ongoing investigation and legal proceedings aim to uncover the full extent of the alleged scam and hold those responsible accountable. Cases like these highlight the need for caution and thorough research before engaging in virtual asset investments.

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