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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.
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.