BTC-Newswire

Crypto Crackdown In Seoul: Police Bust $14 Million Scam, 25 Suspects Nabbed

Press Releases Crypto News Bitcoinist Crypto Crackdown In Seoul: Police Bust $14 Million Scam, 25 Suspects Nabbed

According to a recent report, South Korean authorities have disrupted a large-scale crypto scam, arresting 25 individuals believed to be involved in a multi-million dollar fraud.

The Daegu Police Agency spearheaded the operation, which targeted an organization that operated between August 2020 and June 2021, promising investors high returns in a classic high-yield investment program. This proactive measure by the police highlights the ongoing battle against digital currency scams in the country.

Uncovering The Layers Of Crypto Deception

The fraudulent operation was orchestrated through social networking services and multi-level marketing companies. The scammers successfully deceived more than 4,000 individuals, luring them with the allure of lucrative profits.

On November 6, law enforcement officials closed in on the network, arresting the suspects and ending their deceitful activities.

Local media reports reveal that the arrests included the CEO of a crypto firm and a high-ranking official of a multi-level marketing company, both implicated in orchestrating the $14 million fraud. The suspects allegedly established a crypto and enticed victims to invest through a domestic crypto exchange.

Their strategy involved leveraging purported partnerships with prominent corporations to add credibility to their scheme. However, after accumulating a large sum, the perpetrators abruptly delisted the crypto exchange, cashing out and leaving investors in the lurch.

In a sophisticated price manipulation strategy, the group reportedly controlled the value of the crypto on the exchange, further deceiving investors.

Go to Source to See Full Article
Author: Samuel Edyme

Did you like this?
Tip BTC Newswire with Cryptocurrency