Police in the South Korean city of Busan have detained two men who stole 5.5 billion won ($4.1 million) from a local pensioner with promises of huge profits from investing in digital assets.
From September to December 2022, scammers guaranteed the victim a profit of 70% with monthly crypto investments of at least 1 billion won ($744,300). To persuade the victim to transfer the money, the attackers said that now there is a new rush in the cryptocurrency market, and if you invest 1 billion won there,then in a month you can get 1.7 billion won.
In total, the pensioner sent fraudsters $4.1 million in local currency for six transactions. Convincing the man of the reality of the investment, the scammers sent him fake screenshots with the balance on the account, where they allegedly accumulated 20 billion won. However, according to the police, in fact, the scammers simply appropriated other people's money and did not invest in any cryptocurrencies.
In February, the government of the Republic of Korea introduced a life sentence for stealing cryptocurrencies on a particularly large scale-worth more than 5 billion won (about $4 million). In the same month, South Korea launched a system for tracking cryptocurrency transactions to combat tax evaders.
From September to December 2022, scammers guaranteed the victim a profit of 70% with monthly crypto investments of at least 1 billion won ($744,300). To persuade the victim to transfer the money, the attackers said that now there is a new rush in the cryptocurrency market, and if you invest 1 billion won there,then in a month you can get 1.7 billion won.
In total, the pensioner sent fraudsters $4.1 million in local currency for six transactions. Convincing the man of the reality of the investment, the scammers sent him fake screenshots with the balance on the account, where they allegedly accumulated 20 billion won. However, according to the police, in fact, the scammers simply appropriated other people's money and did not invest in any cryptocurrencies.
In February, the government of the Republic of Korea introduced a life sentence for stealing cryptocurrencies on a particularly large scale-worth more than 5 billion won (about $4 million). In the same month, South Korea launched a system for tracking cryptocurrency transactions to combat tax evaders.
