‘3,600% profit’ lure drives surge in coin scams, 1,000 cases in 6 months
An investment seminar held on Aug. 26 at a Seoul office building drew dozens of mostly elderly attendees. The speaker, identified as Mr. A, promoted a newly issued cryptocurrency called “OO Coin.” “Just buy it and you will receive 1 percent per day through compound interest,” he said, urging participants to invest for at least a year. “We guarantee at least 100 dollars to start, and if you bring in new investors, you get extra incentives.” He claimed investors would see returns of “at least 3,600 percent, up to 7,900 percent in one year,” adding that the coin’s fixed value of one dollar meant “no risk of losing your principal.” When asked by this reporter for the project’s white paper, a document outlining its business plan and issuance volume, Mr. A deflected, telling attendees to look for a file uploaded to a Telegram channel. No such document was found, but the group had already attracted 1,600 members. According to data obtained by the Hankook Ilbo from the National Police Agency, there were 991 cryptocurrency-related crime cases between January and June this
Sep 3, 2025By Hankookilbo