South Korean authorities have arrested two individuals in their 20s and 30s for swindling a senior citizen out of 5.5 billion South Korean won (approximately $4.1 million) in a cryptocurrency investment scam. The suspects lured the victim with promises of high returns on investments in cryptocurrency between September and December 2022, offering a guaranteed 70% profit on monthly investments totaling 1 billion won. Despite the victim transferring a total of 5.5 billion won across six transactions, the scammers provided falsified balance certificates to create the illusion of investment. These documents included fake balance sheets for cryptocurrency holdings and real estate contracts. South Korean police discovered that none of the victim’s funds were actually deposited into a cryptocurrency trading account, despite the scammers presenting a balance sheet claiming holdings worth 20 billion won. Although the fraudsters have been apprehended, details regarding the recovery of the stolen funds have not been disclosed. Additionally, recent news also involves the release of Terraform Labs co-founder Do Kwon, who faced legal issues related to the Terra ecosystem’s collapse in 2022, and the indictment of four Coinone employees for alleged illegal practices resulting in profits exceeding $2.26 million during coin listings.
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