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$4,100,000 Crypto Fraud Scheme Promising Large Returns Busted in South Korea: Report

March 26, 2024

South Korean police have detained two individuals for allegedly running a fraudulent crypto-based scam.

According to the South Korean news outlet Chosun, a young duo in their 20s and 30s cheated an elderly man in his 60s for stealing 5.5 billion Korean won worth $4.1 million.

The report says that the elderly victim was promised massive returns by investing with the fraudulent pair.

One of the promises included a 70% return on investment in the span of just one month.

“If you invest 1 billion won, it will be 1.7 billion won a month later.”

The victim provided the alleged fraudsters with the funds before the pair reportedly forged fake certificates as proof of the victim’s investment.

According to the police, the forged certificates displayed $20 million worth of crypto, even though the initial money had never been invested.

In other news out of the same country, the Supreme Court of Montenegro recently postponed the extradition of disgraced Terra (LUNA) founder Do Kwon to his home nation of South Korea.

According to a new memo, the Supreme Court of Montenegro overturned a previous ruling that greenlit the extradition process to send Kwon back to his homeland where he is wanted for alleged crimes linked to the 2022 downfall of the Terra ecosystem.

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