South Korean law enforcement authorities have made a significant breakthrough in their fight against crypto scams that prey on vulnerable individuals. Recently, a suspected fraudster was apprehended by the police in Gimpo, Gyeonggi Province. The alleged scammer, who purportedly targeted housewives and office workers, is now facing charges related to defrauding victims of approximately $218,000.
Following an extensive investigation, the 38-year-old suspect was handed over to prosecutors, who will pursue fraud-related charges. According to reports from SBS, the victims were enticed with promises of substantial profits and a guarantee of high returns on their investments. The suspect deceived them by urging them to purchase cryptocurrencies from overseas platforms. Regrettably, the victims were left empty-handed, receiving neither their initial investments nor the promised profits.
From September 2019 to August 2022, the alleged scammer employed various tactics to deceive his targets. He masqueraded as the director of a renowned stock trading company, assuming different identities to lure more victims. At times, he portrayed himself as a successful crypto trader and even impersonated a well-qualified civil servant. His modus operandi involved frequenting investment- and crypto-themed group chats on the KakaoTalk platform, explicitly targeting housewives and office workers seeking investment opportunities.
The suspect’s previous brushes with the law were hindered when he transferred funds to overseas cryptocurrency exchanges, forcing investigators to abandon their probes. In an audacious move, the scammer claimed he would invest in tokens expected to be listed on major exchanges. Instead, he squandered his victims’ funds by gambling on online crypto-powered casinos. This latest arrest follows the establishment a dedicated unit to combat crypto scams in South Korea as the country grapples with a surge in fraudulent activities and the illicit use of cryptocurrencies in the drug trade.
The arrest of this alleged crypto scammer is a significant milestone in South Korea’s ongoing battle against fraudulent schemes that exploit unsuspecting individuals, particularly housewives and office workers seeking financial opportunities. With the formation of the specialized crypto scam-fighting unit and intensified efforts by law enforcement agencies, the nation aims to curb the rising tide of crypto-related fraud and protect its citizens from falling victim to such scams.