The South Korean prosecution has arrested and indicted four suspects involved in virtual asset fraud, including the CEO of QUEENBEE

ChainCatcher news, according to News1, the Southern District Prosecutors' Office in Seoul, South Korea, stated that it has arrested and prosecuted 4 individuals for fraud, including the actual operator and CEO of the QUEENBEE (QBZ) project.

The team had no intention of launching the QBZ token business from the beginning, but instead obtained approximately 15.1 billion won (about 10.88 million USD) from around 4,000 victims through false listings and market manipulation. Subsequently, in March and April 2021, they sold all remaining tokens at a high price to a professional scam token handler, profiting another 15 billion won.