South Korean police have shut down an international crypto fraud ring and frozen assets worth a reported $1.2 million. Reported by local news outlets, the fraudsters were mainly targeting Chinese citizens and were based in the country for two-and-a-half years.
The individuals involved in the fraud posed as figures from the cryptocurrency industry and sold false investment plans. According to a spokesperson from the Seoul Metropolitan Police Agency, over 200 people lost a total of 13 billion won (around $11 million).
To conduct the fraud, the gang had set up a fraudulent cryptocurrency exchange in Seoul and used fake websites to induce people into investing. They also said to be offering investment consulting services. In addition to their false investment plans, their victims also had to pay fees to join the scheme.
Overall, the fraudsters targeted over 3,000 people through fraudulent cryptocurrency activities. The police have since frozen assets worth 1.5 billion won (just under $1.2 million).
The fraudsters were also planning to set up a cryptocurrency exchange in the Philippines. However, this plan never came to fruition.
The police said they had identified the mastermind of the group, as well as five other members.
