South Korean police have arrested two people for allegedly running a fraudulent cryptocurrency-based scam.
According to South Korean news channel Chosun, a young duo in their 20s and 30s duped an older man in his 60s into stealing 5.5 billion Korean won worth $4.1 million.
The report says the elderly victim was promised huge returns by investing with the fraudulent couple.
One of the promises included a 70% return on investment in just one month.
“If you invest 1 billion won, a month later it will be 1.7 billion won.”
The victim provided the alleged fraudsters with the money before the pair allegedly forged fake certificates as proof of the victim’s investment.
According to police, the forged certificates contained $20 million worth of cryptocurrency, even though the initial money was never invested.
In other news from the same country, Montenegro’s Supreme Court recently postponed the extradition of disgraced Terra (LUNA) founder Do Kwon to his home country of South Korea.
According to a new memo, Montenegro’s Supreme Court has overturned an earlier ruling that greenlighted the extradition process to return Kwon to his home country, where he is wanted for alleged crimes related to the demise of the Terra ecosystem in 2022.
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