South Korean police announced today that they have successfully shut down an organized crime ring involved in international cryptocurrency fraud. The operation resulted in the freezing of $1.2 million in assets and the arrest of 12 members, including the ringleader.
The police said that the arrested members were part of a “well-organized” criminal network with members across South Korea and abroad. They used a network of overseas traders to buy and sell cryptocurrencies, such as Bitcoin and Ethereum, on international exchanges. Then, they would use “subtle tactics” to manipulate the markets and earn profits.
The perpetrators allegedly used false information to induce victims to invest in the cryptocurrency markets and then pocket the profits before making their escape. In total, the gang is suspected to have illegally earned around $3.3 million through their fraud.
The South Korean police have also seized $1.2 million in overseas assets belonging to the gang. They are currently investigating to determine if the suspects are involved in any other illegal activities.
