South Korean Police Shut Down ‘International Crypto Fraud’ Rin | Crypto Miami

South Korean Police Shut Down ‘International Crypto Fraud’ Ring, Freeze $1.2m

South Korean police have swooped on a group of suspected “international” crypto fraudsters, freezing over $12 million and arresting 49.

Newsis reported that the Cyber Investigation Department of the Seoul Metropolitan Police Agency has “arrested a total of 49 people, including the six suspected leaders of six separate organizations.”

The group has been charged with fraud, with officers suspecting the group of “operating a fake cryptoasset investment site.” The site was mainly used to attract overseas investors in locations including the Philippines, police spokespeople explained.

Police think the group was active from September 2020 until April last year, and that it managed to raise over $11.5 million from at least 253 victims. Officers think the group targeted potential victims by buying personal data leaked to the internet. And police claimed the group had bought access to “1.62 million pieces of illegally acquired personal information.”

According to police sources, the group also tried to lure would-be investors onto their site by “randomly distributing” promotional messages to public crypto-related chat app groups.