Although Bitcoin prices plummeted over the weekend (quotation BTC), the overall bull run remains alive, as do cryptocurrency fraud cases in South Korea. The latest data from the internal Financial Watchdog show that such "incidents" are still on the rise.
The police devote a special unit to investigate cryptographic fraud
According to Asia Kyungjae, the Financial Supervisory Service (FSS) has revealed that reports of crypto-related fraud have skyrocketed by more than 41,6% annually.
Statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious transactions.
Due to the significant spate of cases, the police have vowed to step up their efforts to crack down on cryptocurrency-related fraud nationwide. Indeed, the authorities have set up a dedicated investigation team at the financial crime unit in the provincial offices.
The offices involved in the investigation of cryptographic fraud include the Financial Services Commission, the Financial Supervision Service, the Office for the Coordination of State Affairs, the Ministry of Justice, the Office of Prosecutors and the Agency national police.
A South Korean scammer is found guilty of scamming $ 16 million
Additionally, Yonhap reported another crypto-related fraud case. A millionaire theft in South Korea! A court-appointed scammer just as Lee was sentenced to six years in prison. He was found guilty of building a scheme that defrauded about 1.300 people in just seven months.
Prosecutors said they had withdrawn about $ 16 million in cryptocurrency and fiat from the victims. Judge Cho Sang-min revealed the details of the case:
"The defendant deceived the victims, saying they could make big profits in a short time, and sold virtual currency issued by an intangible Chinese company."
Lee ran his fraud scheme between October 2018 and May 2019, luring investors by telling them, "If you buy cryptocurrency sold by a Chinese group, you can make huge profits."
However, the scammer became even more suspicious after claiming that the Chinese company he was promoting is "a solid company with a 30-year history of 500 trillion won and plans to enter the electric vehicle business with a $ 4 investment. trillions of won ".
In addition, the court handed down 18-month and eight-month sentences to two of Lee's accomplices for their participation in the crypto-related fraud ring.
In short, the fact that cryptocurrencies are becoming more and more mainstream also leads to this type of problem. So, keep your eyes open and pay attention to where you invest your money.
What do you think of the bullish trend in reported crypto-related fraud cases in South Korea? Give your thoughts in the comments section below.
