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The Fifth Criminal Division of the Seoul Central District Prosecutor's Office has filed the case of the CEO of Wacon, accused of organizing a fraudulent crypto investment scheme.
Byun Young-oh and his associates, according to the indictment, attracted investors with promises of high interest income on ether deposits. The funds were placed on MainEthernet wallets controlled by the En-o group.
Investors were assured that the company had implemented a unique multi-step method of interest payment, allowing investors to expect a profit of 45% to 50% per annum. Data from the preliminary investigation revealed that a significant number of defrauded investors were elderly people aged 60 and older, who are not familiar with the difficulties and risks associated with investing in crypto assets. The prosecutor's office regards this as an aggravating circumstance.
According to the prosecutor's office, up to 12,000 people could have been involved in the fraudulent crypto investment scheme, and the amount of losses could exceed 500 billion won ($366 million).
Byun Young-oh and his associates, according to the indictment, attracted investors with promises of high interest income on ether deposits. The funds were placed on MainEthernet wallets controlled by the En-o group.
Investors were assured that the company had implemented a unique multi-step method of interest payment, allowing investors to expect a profit of 45% to 50% per annum. Data from the preliminary investigation revealed that a significant number of defrauded investors were elderly people aged 60 and older, who are not familiar with the difficulties and risks associated with investing in crypto assets. The prosecutor's office regards this as an aggravating circumstance.
According to the prosecutor's office, up to 12,000 people could have been involved in the fraudulent crypto investment scheme, and the amount of losses could exceed 500 billion won ($366 million).
