In South Korea, a cryptocurrency scam involving a North Korean defector has been uncovered, with victims losing approximately $728,000.
Overview of the Scam
Local authorities report that the scheme siphoned off nearly 1 billion won (around $728,000) through a bogus crypto investment platform.
Details of the Scheme and its Perpetrators
The defector, who settled in South Korea over a decade ago, was recruited by a Chinese national to promote a fraudulent trading app. She then enlisted two other North Korean defectors, expanding her pitch to South Korean citizens with promises of high returns on crypto investments.
Impact on Victims and Investigations
Police are examining whether the two defectors she recruited knowingly helped perpetuate the scam. If the case moves to trial, they may be called as both victims and witnesses. This incident adds to a growing list of crypto fraud cases in South Korea.
This case highlights the dangers associated with investments in cryptocurrency and the necessity for careful scrutiny of such offers.
