S Korean Police Shut Down ‘Gangsters’ $32m Crypto Scam Ring’

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A selection of chat app icons on a smartphone screen.A selection of chat app icons on a smartphone screen.
Supply: Robert/Adobe

South Korean police say they’ve swooped on a $32 million chat app-based crypto rip-off ring that they are saying was being run by a community of “gangsters.”

Per Chosun Ilbo, Busan Metropolitan Police, the group comprised 9 teams of “violent gangsters” who operated bogus “crypto studying room” websites on chat app platforms.

Officers stated that they had arrested eight people suspected of working the “studying rooms,” in addition to 79 “accomplices.”

Police stated that the gang satisfied 572 folks “nationwide” to half with their cash.

A police spokesperson stated the group had “opened and operated” bogus on-line crypto websites.

Members then allegedly “recruited traders, managed financial institution accounts, and laundered cash.”

Police stated the gangs’ members have been all younger; within the “millennial and Gen Z” age teams.

In a collection of nationwide raids, officers seized property together with motor automobiles, money, and different objects value a mixed $1.9 million.

A luxury car seized by police offers in Busan as part of an investigation in into crypto-related crime.
A luxurious automotive seized by police affords in Busan as a part of the raids. (Supply: Busan Metropolitan Police)

Scammers Preying on South Korean Chat App Customers?


Crypto-themed “studying rooms” are commonplace in South Korea, notably on platforms reminiscent of KakaoTalk.

Many of those group chats and channels are above-board, comprising bona fide crypto merchants.

However others seem to have turn out to be a breeding floor for opportunistic crypto scammers.

Cryptonews.com has seen a number of latest examples of Kakao chat rooms the place members seem to advertise suspicious-looking cash and buying and selling platforms.

Some promote dubious-looking crypto mining “investment” programs that appear to promise “guaranteed profits.”

In accordance with the police, the “gangsters” launched their operations in February 2022, posing variously as “funding specialists.”

Officers stated they “falsely claimed” that traders would “earn huge earnings by investing in crypto, unlisted shares, gold, and abroad futures.”

The gang allegedly informed potential victims that their stakes have been “assured.” In addition they allegedly stated that earnings can be forthcoming.

Officers stated that they believed the gangsters had paid darkweb distributors to offer them with some would-be victims’ knowledge.

This helped them goal victims with customized textual content messages and emails, police spokespeople defined.

Elsewhere within the nation, the trial of a suspected altcoin fraudster began earlier this month in Gwangju.

Prosecutors have accused a person of duping over a dozen traders out of $2.1 million.

Nevertheless, authorities in Busan are hopeful of launching the world’s first city-run “digital assets” exchange in early 2024.



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