South Korean police have cracked a cryptocurrency investment fraud case involving an amount of 6.5 billion won

ChainCatcher news, the police in Busan, South Korea, have arrested a group of scammers who operated a fraudulent investment group under the guise of cryptocurrency futures investment, promising high returns. On November 21, the police detained the main suspect A and 23 others on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes and the Act on the Prohibition of Similar Fundraising Activities.

According to police investigations, from October last year to May this year, A and others set up fake investment websites, impersonated investment experts, and lured 134 victims into participating in the so-called "investment guidance group" through social media ads and text messages, promising capital protection and high returns, defrauding a total of about 6.5 billion won (approximately 4.65 million USD).