South Korean police arrest cryptocurrency investment fraud ring… EMBEZZLEMENT 1.8 billion won in 6 months

South Korean police have arrested a group that committed a cryptocurrency investment fraud against more than 50 investors. The Gwangju National Police Agency's Cyber Crime Investigation Unit announced on the 21st that it had investigated the details of the cryptocurrency investment fraud.
Six people, including a man in his 30s named Mr. A, were arrested on suspicion of fraud and reporting and using specific financial transaction information, and 22 people were referred to prosecutors.
Between July and December of last year, the group conducted a series of attacks, including directing users to cryptocurrency futures trading.
They are suspected of defrauding 51 victims of approximately 1.8 billion won (approximately 200 million yen) by falsely claiming that virtual currencies would be listed on the exchange.
It was discovered that the company had induced people to make improper investments, resulting in the victims suffering huge losses and, when the company was forced to liquidate, the company had illegally obtained some of the losses as profits.
In addition, they used YouTube and other platforms to pose as investment experts and recruit victims, falsely claiming that virtual currencies would soon be listed on the stock exchange.
The South Korean police are investigating whether there are any unconfirmed crimes or additional victims. In addition, given that the crimes were organized, they are being prosecuted as a criminal organization.
The government plans to conduct legal review into possible punishment.