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South Korean Police Arrest Fraudsters in $4.1 Million Crypto Scam

Two individuals in their 20s and 30s have been apprehended by South Korean police for defrauding a senior citizen of 5.5 billion South Korean won ($4.1 million) in a cryptocurrency scam.

The fraudsters lured the victim with promises of significant profits on cryptocurrency investments between September and December 2022. They guaranteed a monthly return of 70% on investments, claiming it was a lucrative period for cryptocurrency trading.

Over six transactions, the victim handed over a total of 5.5 billion won to the scammers. The fraudsters provided fake balance sheets for cryptocurrency investments and falsified real estate contracts to deceive the victim.

Despite presenting a balance sheet indicating holdings of 20 billion won in cryptocurrency, none of the victim’s funds were actually invested in crypto trading accounts.

While the fraudsters have been swiftly apprehended, details regarding the recovery of the funds have not been disclosed.

In a separate incident, Terraform Labs co-founder Do Kwon, a prominent figure in South Korea’s cryptocurrency industry, was released from prison in Montenegro. Kwon, who faces legal challenges related to the collapse of the Terra ecosystem in 2022, was released following extradition requests from the United States and South Korea.

The decision to release Kwon was made by the Supreme Court Council, which is set to consider extradition to South Korea. This development comes amid ongoing legal actions in South Korea’s crypto space, including the indictment of four Coinone employees for allegedly using illegal methods to profit from coin listings.

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