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Home » Crypto Mining Fraud: South Korean Prosecutors Indict $1.3M Scam Mastermind

Crypto Mining Fraud: South Korean Prosecutors Indict $1.3M Scam Mastermind

Hania by Hania
July 29, 2024
in Altcoin News, General News
Reading Time: 2 mins read
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Crypto Mining Fraud South Korean Prosecutors Indict $1.3M Scam Mastermind
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South Korean prosecutors have indicted an individual accused of orchestrating a $1.3 million crypto mining fraud. The alleged mastermind, who remains unnamed, promised investors guaranteed monthly returns ranging from 3% to 8%, luring many into the fraudulent scheme.

Crypto Mining Fraudster Amassed Over $4 Million from Investors

Authorities revealed that the suspect, a man in his forties, collected investments from September 2021 to August 2023. Investigations indicate he embezzled $1.3 million from one victim alone. In total, he allegedly accumulated over $4.1 million from at least nine investors. Prosecutors assert that $1.8 million of the funds constitutes fraud, leading to charges under the nation’s quasi-investment advisory services laws.

Crypto Mining Fraud: South Korean Prosecutors Indict $1.3M Scam Mastermind

Ponzi Scheme Allegations and Legal Actions

The Seoul Western District Prosecutors’ Office has charged the man with violating the Specific Economic Crimes Act and other offences. They claim he employed Ponzi methods, using newer investors’ money to pay returns to earlier investors. Despite promises of cryptocurrency-related business ventures, no such activities were conducted.

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The investigation began when an investor filed a complaint, prompting a broader probe that uncovered multiple similar cases. Prosecutors examined the suspect’s bank accounts, discovering evidence of significant financial transactions, leading to an arrest warrant. A prosecution spokesperson stated, “We will act swiftly to prevent similar damages and ensure the defendant receives a sentence appropriate for this crime.”

Crypto Mining Fraud: South Korean Prosecutors Indict $1.3M Scam Mastermind
Source: scolkg.com

Rising Trend in Fake Crypto Mining Operations

The case highlights a growing trend of crypto mining fraud in South Korea. High domestic electricity prices have made large-scale crypto-mining operations rare in the country. However, scams promoting overseas mining projects, often in countries like Kazakhstan, have proliferated. Victims are typically promised guaranteed monthly returns, with larger investments purportedly yielding higher returns.

Crypto Mining Fraud South Korean Prosecutors Indict $1.3M Scam Mastermind

Recently, police in Incheon uncovered a fake Cardano (ADA) mining scheme, suspected of deceiving around 70 people nationwide. These fraudsters are particularly active in open KakaoTalk and Telegram crypto chat rooms and even use dating apps to find victims.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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