Ponzi

Million

<a href="https://bitcoinworld.co.in/two-south-korean-tech-execs-arrested-in-365-million-crypto-fraud/" title="Two South Korean Tech Execs Arrested in $365 Million Crypto Fraud" rel="nofollow"></a>
South Korean authorities have <a href="https://bitcoinworld.co.in/wacons-ceo-arrested-in-365-million-crypto-scam/">arrested</a> the CEO of Wacon, Byun Young-oh, and Vice Chairman Yim Mo-Soo for their roles in a large-scale crypto fraud. 
The scheme, which allegedly defrauded investors of approximately 500 billion won (around $365 million), primarily targeted elderly individuals with deceptive promises of high returns. 
The arrests follow claims that Wacon operated an unlicensed Ponzi scheme, misleading around 12,000 members through fake crypto investment products. 
The company allegedly <a href="https://www.newscj.com/news/articleView.html?idxno=3160229">used</a> tactics like multi-level marketing and false assurances of returns to lure investors, but failed to deliver on its promises. 
The Seoul Central District Prosecutors’ Office has charged Byun and Yim with fraud, noting that the scheme involved significant financial deceit. 
Ongoing investigations are also examining Wacon’s parent company, SAK-3, for similar fraudulent activities, with potential additional losses estimated at 1 trillion won.

Two South Korean Tech Execs Arrested in $365 Million Crypto Fraud

ItsBitcoinWorld

Other articles published on Aug 14, 2024

Ethereum ETFs See $24 Million Inflows, Analyst Eyes Price Rally

Bitcoin Price Falls After US CPI Data

What is the Recent Paradigm-Funded Reddio Network?

Goldman Sachs Contradicts Past Skepticism with $418M Bitcoin ETF Investment

Solana StruggleS for ETF Approval Amid SEC Hurdles, Sygnum Bank Analyst Says

Binance to Convert Delisted Tokens to USDC as Withdrawal Deadline Approaches

Join our free newsletter for daily crypto updates!