South Korean Police Bust $350m Crypto Scam Rings – Surge in Fraud

[gamaisnh875]

South Korean police have successfully dismantled two crypto scam rings believed to have defrauded victims out of a total of $350 million. One of the cases involved a fraudulent "virtual fashion items" marketplace that deceived at least 435 victims, resulting in losses amounting to $333 million. The CEO and Vice President of the marketplace have been indicted on fraud charges. The operators used a pyramid scheme and false listings for virtual fashion items to attract investors, promising returns of 3-16% within 1-5 days. Investigations are ongoing, with 10 other individuals linked to the platform being probed.

In another incident, investors allegedly paid fraudsters around $27 million in a separate crypto scam operating from Gangnam, the center of Seoul's crypto and finance industries. A man identified as Gu, associated with the scam, has been barred from leaving the country. Audio recordings reveal Gu assuring investors that his company, supposedly headquartered in Japan with bases in 23 nations, had a flawless track record and that investors would not suffer any losses. The surge in cryptocurrency scams is a growing concern in South Korea.

 

[lamtraung9aj]

It's alarming to see the scale of these crypto scam rings and the amount of money involved. People need to be more cautious with their investments.

 

[quachwunh882]

The fact that these scams operated under false pretenses, like a 'virtual fashion items' marketplace, shows how creative scammers can be. It's important to do thorough research before investing.

 

[memorianh888]

The authorities should impose stricter regulations on cryptocurrency platforms to prevent these scams from happening in the first place.

 

[qacnhanh817]

The audio recordings of the fraudster reassuring investors are disturbing. It shows how manipulative these scammers can be in gaining people's trust

 

[waqutnah8]

These incidents emphasize the importance of due diligence and skepticism in the cryptocurrency market. It's crucial to verify the legitimacy of platforms and investments before getting involved

 

[watranguah8h]

It's alarming to see the scale of these crypto scam rings and the amount of money involved. People need to be more cautious with their investments.

I completely agree with the first comment. The amount of money involved in these scams is shocking, and people need to be more cautious with their investments

 

[trunghai2805]

The fact that these scams operated under false pretenses, like a 'virtual fashion items' marketplace, shows how creative scammers can be. It's important to do thorough research before investing.

It's true that scammers can be very creative in deceiving people. Researching and verifying information before investing is crucial

 

[hoalw92jmnj]

The fact that these scams operated under false pretenses, like a 'virtual fashion items' marketplace, shows how creative scammers can be. It's important to do thorough research before investing.

Agreed, the promise of high returns in a short period should always raise suspicions. It's unfortunate that many fell victim to this

 

[vailain8gh8]

The authorities should impose stricter regulations on cryptocurrency platforms to prevent these scams from happening in the first place.

While stricter regulations may help, it's also important for individuals to take responsibility for their own investments and make informed decisions

 

[hoavun2nf9]

These incidents serve as a reminder for everyone to conduct thorough research and exercise skepticism in the cryptocurrency market. Trust must be earned, not blindly given

 

[mikeshosho]

It`s alarm. Actually, I invested in new cool coin RADIX, cause really believe in new coins. RADIX has safety blockchain and lots of other features. Let`s discuss who has already invested there too?