South Korean police arrested two crypto fraud suspects who defrauded a senior citizen of 5.5 billion Korean won ($4.1 million)! These two clever friends deceived their victims by promising them high returns.

In the fraud that took place between September and December 2022, the suspects promised their victims a 70% profit in return for a monthly investment of 1 billion won. "It's a boom time for cryptocurrency. If you deposit 1 billion won, it will become 1.7 billion won after a month," they said.

The suspects showed fake balance certificates and fake balance sheets of crypto investment and real estate contracts to deceive victims. According to police reports, these documents stated that the victim had crypto investments worth 20 billion won, but no funds were actually transferred to a crypto trading account.

Meanwhile, South Korea's famous crypto entrepreneur Do Kwon, co-founder of Terraform Labs, was released from prison in Montenegro on March 23. Kwon has completed his sentence for traveling with false documents and now faces extradition requests from the United States and South Korea.

? So, do you think these fraudsters will get the punishment they deserve? We are waiting your comments!#crypto#scam #SouthKorea