Reportedly, a group of individuals in their 20s and 30s from Busan’s Haeundae District in South Korea were arrested for allegedly deceiving a financier in his 60s. The scammers convinced the victim that he would earn 70% profit on his investment, claiming he would see returns in just a month.

The suspects faced charges related to aiding and abetting fraud, as they managed to persuade the financier to make six separate payments between September and December of 2022. They utilized fake documents, including forged balance certificates, to falsely demonstrate ownership of $15 million in tokens, which in reality, they did not possess.

To gain the victim's trust, the group even employed an accomplice who posed as a wealthy real estate agent from Gangnam District, Seoul. This accomplice signed a fake $3 million contract with the scammers, further deceiving the victim.

Unfortunately, this incident is not isolated, as South Korea has seen an increase in crypto fraud cases, with individuals resorting to unethical tactics to prey on investors. Those interested in investing in cryptocurrencies must exercise caution and conduct thorough research before making any financial decisions.