Criminals using cryptocurrency for Ponzi style fraud
gettyimagesbank By Yoon Ja-youngAmid the virtual currency investment boom in Korea, cryptocurrency-related fraud cases have been increasing. The scammers, in many cases, lure investors with the promise of huge returns once their coins are listed on the exchange, but then disappear with the money, in a type of Ponzi scheme.The Gyeongnam Provincial Police said May 31 that it had detained two people from a ring that had swindled 63 investors out of 1.5 billion won ($1.3 million). The suspects had held presentations around the region starting in January 2017, telling potential investors ― falsely ― that global companies such as Amazon and Alibaba were jointly investing in their coin.They had claimed that the coin would jump more than five times in value once listed on an exchange. They also said that if an individual were to buy 30,000 coins, amounting to 10.8 million won ($9,700), that this person would receive 240 new coins every day. In this scheme, the suspects enco
Jun 1, 2021By Yoon Ja-young