The recent increase in crypto fraud cases in South Korea attracts attention. The latest developments show the emergence of high-yield investment scams. In the last incident, while approximately 1.6 million dollars were stolen from the victim as a result of fraud, the fraudsters were caught due to a mistake they made.
Details of the Fraud Case
South Korea has reached 7.78 million investors by mid-2024, and cryptocurrency usage is increasing in the region. The government is making efforts to regulate the industry and provide a safe trading environment. However, cases of fraud continue to increase around the world.
Gyeonggi Southern Provincial Police Department’s Metropolitan Investigation Division, Bitcoin 
$76,133 uncovered a major crypto scam linked to a mining rental business. In total, 81 people were detained and some were charged with financial crimes and others with violating telecommunications laws.
Scammers’ Methods
Fraudsters deceived 50 people with promises of guarantees and high profits. They gained trust by offering a free trial period and collected between $2,143 and $214,200 each. They made a mistake and were caught after a total amount of over $1.6 million was seized.
“If users see any offer as too good, if it sounds incredibly good, they should be cautious and avoid unreliable investments.”
A spokesman for the Gyeonggi Southern Provincial Police Department warned citizens against crypto scams. Free trials or high returns with no effort usually indicate fraud.
While the fraudsters were carrying out their operations using fake SIM cards and fake phone numbers, the detective’s calls to their phones led to their capture. Police identified the fraud network as Incheon-based and ended the operation.
This case once again revealed the importance of regulations and security measures in the cryptocurrency industry. It is of great importance for investors to be aware and to contact the authorities in suspicious cases.
It is emphasized that one should be careful in cryptocurrency investments, obtain information from reliable sources and be cautious about offers promising high returns.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
