ICYMI, South Korea just cracked down on a fake crypto scam investment ring that scammed people out of 734M won (~$540K USD). Police in Jeju nabbed 25 scammers running four sketchy “crypto advisory” call centers that promised sky-high returns.
These fraudsters played pro, acting like crypto team leads and guiding victims to sign up on fake exchanges. Victims were shown fake dashboards with phony profits, making it look like they were winning big. Spoiler alert: they weren’t. These crypto scams really went out of hand.
Once people tried cashing out? Crickets. Funds frozen. Scammers gone.
Of the 25 caught, 20 are now in custody. The rest? Facing charges. But cops think more victims are out there—so this could get even bigger.
Pro tip: If someone slides into your DMs promising fast crypto gains, it’s probs a trap. Always DYOR (Do Your Own Research).
Meanwhile, in a twist, all three South Korean prez candidates are vibing with Bitcoin ETFs and crypto investment. Wild times for Korean crypto.
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