{"id":74475,"date":"2024-03-26T07:00:01","date_gmt":"2024-03-26T11:00:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=74475"},"modified":"2024-03-26T07:00:03","modified_gmt":"2024-03-26T11:00:03","slug":"south-korean-police-arrest-two-crypto-scammers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korean-police-arrest-two-crypto-scammers\/","title":{"rendered":"South Korean Police Arrest Two Crypto Scammers"},"content":{"rendered":"\n

South Korean Police have apprehended two crypto scammers who deceived an elderly person out of 5.5 billion won ($4.1 million) by promising lucrative cryptocurrency investments<\/a> of 1 billion South Korean won within a month.<\/p>\n\n\n\n

\"South
South Korean Police Arrest Two Crypto Scammers<\/figcaption><\/figure>\n\n\n\n

Two individuals, aged 20 and 30, were apprehended by the Haeundae Police Station in Busan, South Korea, on suspicion of deceiving a senior citizen and stealing 5.5 billion South Korean won across multiple transactions.<\/p>\n\n\n\n

The victim was allegedly assured high returns on cryptocurrency investments from September 2022 to December 2022, as reported by a local source.<\/p>\n\n\n\n

Scammers promised 70% monthly returns on a 1 billion won investment. According to the police, the con artists stated:<\/p>\n\n\n\n

\n

\u201cIt\u2019s a boom period for coin (cryptocurrency). If you invest 1 billion won, I will call it 1.7 billion won a month later.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

In six separate transactions, the victim transferred a total of 5.5 billion won to the con artists, who subsequently forged balance certificates to present as evidence of investments.<\/p>\n\n\n\n

The fraudster presented the victim with counterfeit balance statements about cryptocurrency investments and real estate contracts.<\/p>\n\n\n\n

The phony balance sheet allegedly displayed cryptocurrencies valued at 20 billion won, according to South Korean police\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. However, none of the 5.5 billion won in funds from the victim reached the crypto trading account.<\/p>\n\n\n\n

Although the officials have promptly apprehended the fraudulent individuals, details regarding the recovery of the funds remain undisclosed.<\/p>\n\n\n\n

Meanwhile, Do Kwon, co-founder of Terraform Labs and the most infamous crypto entrepreneur in South Korea, was reportedly released from prison in Montenegro on March 23, despite U.S. and South Korean extradition requests.<\/p>\n\n\n\n

Legal proceedings against Kwon concerning the Terra ecosystem's demise in 2022 are underway. Reportedly, prison director Darko Vukcevic stated via telephone:<\/p>\n\n\n\n

\n

\u201cWe released Do Kwon from prison as his regular prison term for traveling with fake papers ended. Since he is a foreign citizen and his documents were withheld, he was taken for an interview to the police directorate for foreigners, and they will deal with him further.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

The Council of the Supreme Court, scheduled to consider a decision that could grant or deny Do Kwon's extradition to South Korea<\/a>, reportedly released him.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korean Police have apprehended two crypto scammers who deceived an elderly person out of 5.5 billion won ($4.1 million) by promising lucrative cryptocurrency investments of 1 billion South Korean won within a month. Two individuals, aged 20 and 30, were apprehended by the Haeundae Police Station in Busan, South Korea, on suspicion of deceiving […]<\/p>\n","protected":false},"author":12,"featured_media":74483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[6186,7975,12250,1712],"class_list":["post-74475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-scam-2","tag-crypto-investment","tag-crypto-scammers","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/03\/image-107.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=74475"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/74483"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=74475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=74475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=74475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}