South Korean authorities arrested 19 members of a fraudulent social media chat group that scammed 308 investors out of nearly $19 million. The arrests took place on May 21, led by the Daegu Police Agency’s criminal task force.
Those arrested operated an open chat room, promising quick profits through unlisted coins but severed ties when investors demanded their money back. The gang also demanded withdrawal fees and cut off contact if victims refused to pay.
More suspects remain at large, and Interpol has been requested to issue red notices. The gang leader used pig-butchering tactics, luring victims by promising jobs in Myanmar and then coercing them into fraud.
These arrests come amid other global crypto fraud incidents, including a $73 million scheme involving Chinese nationals. Authorities are now focused on locating the stolen funds.
For more details, visit the sources: Seungwon Lee and Crypto News.
These efforts highlight the growing commitment to combating cryptocurrency fraud globally.
