With the increasing popularity of crypto investments, fraud cases are also rising rapidly. While people turn to the crypto market with hopes of high profits, some fall victim to these expectations. A massive fraud ring uncovered in South Korea resulted in losses of over $232 million.
215 People Arrested
The Corruption and Economic Crimes Investigation Unit of the Gyeonggi Southern Provincial Police Department detained 215 people in the crypto scam affecting more than 15,000 people. Recently, Bitcoin 
$87,585 Another $1.6 million fraud in mining was foiled by the police.
The caught scammers collected money from investors through fake investment advisory firms run by the person, who has 620,000 subscribers on YouTube. During its two and a half years of operation, 12 people were arrested for serious financial crimes. Scammers gained trust from investors by promising profits of up to 20%. They are fair about the profit rate because fraudsters who promise huge monthly compounded income with daily earnings of over 1% take advantage of the complexity of cryptocurrencies and trap uninformed victims in this field.
Capture of the Manager
In addition to the $234 million obtained from fraud, 22 Bitcoins from the criminals were also seized. The criminal was captured by police on November 13 as he fled to Australia. After the incident, the police warned the public to stay away from promises of high profits.
We wrote about cryptocurrency investors at the end of last year that major increases would begin and that fraudsters could empty their wallets with many tactics. Victims are lured into a trap through ideas that sound incredible and should not be believed, especially with scenarios such as cloud mining and trade profit sharing. They will try to prey on victims with these tactics in the coming days, and you should not forget that you were warned about this before you were defrauded.
Such fraud incidents once again reveal the need to regulate crypto markets and raise investors’ awareness. It is important to do extensive research and get information from reliable sources before investing.
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.
