S Korean Police catch a crypto scammer

The South Korean police succeeded in catching a person, who was easily scamming people in the country via high-yield ponzi crypto investment plans.

South Korea is a good region for the crypto sector. In the jurisdiction of  South Korea, all the crypto firms operate under highly strict rules & regulations, which can be understood by the fact that less than half a dozen crypto companies in this country can provide crypto-fiat pair trading services.

Recently the South Korean police in Gyeonggi Province successfully arrested a 48-year-old scammer. This scammer was targeting mainly housewives & office workers. 

The scammer told the whole game that he was using. He said that he was usually giving high profit/yield crypto investment plans to the victims.

So far, with the crypto ponzi investment scheme ideas, this guy made nearly $218,000. 

This scammer has been handed over to prospectors over fraud charges.

Crypto crimes in South Korea

However, the crypto rules in this country are very strict but these rules are not enough to protect the crypto investors in the offline world. 

Over the last few months, many reports suggested that crypto crimes are surging rapidly in this country and every crypto investor should remain away from crypto frauds. 

Terra crypto fraud

The whole world knows very well how the Terra crypto project collapsed badly in May of last year. Because of the loss in Terra crypto token investments, some crypto investors committed suicide. 

Terraform Labs was the core team behind the Terra crypto project and this blockchain firm is situated in South Korea. So far Korean prospectors are waiting for Terraform co-founder Do Kwon’s extradition to the country to proceed with the criminal charges with proper investigations. 

Read Also: Norway thinks MiCA may not complete all regulation needs

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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