Ponzi

Cardano

South Korean prosecutors have dismantled a $1.3 million crypto mining scam. They accused a man in his forties of promising investors guaranteed monthly returns of 3% to 8%. The <a href="https://ultramining.com/news/en/large-scale-cryptocurrency-mining-farm-uncovered-in-dagestans-kizilyurtovsky-district/">investigation</a> revealed he collected over $4.1 million from at least nine investors between September 2021 and August 2023. The suspect allegedly used Ponzi schemes to pay older investors with funds from newer ones and had not conducted any cryptocurrency-related business. The prosecutors charged him with violating the Specific Economic Crimes Act and other offenses, according to <a href="https://cryptonews.com/news/south-korean-prosecutors-shut-down-1-3m-crypto-mining-scam.htm">Cryptonews</a>. 
The Seoul Western District Prosecutors’ Office led the investigation. They examined the suspect’s bank accounts and discovered repeated large deposits and withdrawals. This scam, involving embezzlement of $1.8 million, has prompted officials to act swiftly to prevent similar future damages. Crypto mining-related fraud cases have risen in South Korea recently. High <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> prices discourage local industrial-scale crypto mining, but scammers lure investors with promises of high returns from overseas projects. 
Last month, Incheon <a href="https://ultramining.com/news/en/borneo-police-crack-down-on-illegal-crypto-mining-operation/">police</a> targeted a fake Cardano mining gang that defrauded around 70 people nationwide. These scammers operate on platforms like KakaoTalk, Telegram, and dating apps, hunting for new victims. Authorities are intensifying efforts to crack down on such fraudulent schemes and protect investors. The prosecution aims to ensure appropriate punishment for the scam mastermind and prevent recurrence of such crimes.

South Korean Prosecutors Shut Down $1.3M Crypto Mining Scam Involving Ponzi Scheme and Embezzlement

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