South Korean police have arrested a suspected crypto scammer who allegedly targeted housewives and office workers. The man, who has not been named, is accused of duping his victims out of around $218,000 by promising them high profits if they invested in his cryptocurrency project.
The man allegedly posed as the director of a famous stock trading company and frequented investment- and crypto-themed group chats on the KakaoTalk chat app platform in order to find potential victims. He also pretended to be a successful crypto trader and a well-qualified civil servant.
Police said the man told his victims that he would invest their money in tokens that he knew were about to be listed on major exchanges. However, he instead used the funds to gamble in online crypto-powered casinos.
The arrest comes as South Korea is experiencing a surge in cryptocurrency scams. In March, police chiefs announced the formation of a new devoted crypto scam-fighting unit.
Crypto scams are often difficult to prosecute, as scammers often operate from overseas and use fake identities. However, the arrest of this suspected scammer is a sign that South Korean police are taking the issue seriously.