• Crypto & Funx
• 17 Sep, 2024

South Korean authorities are expanding efforts at cracking down on fraudulent activities.

Police arrested Mr.

A and several other team members, and charged them with fraud under the Aggravated Punishment Act for Specific Economic Crimes.

Authorities also recently arrested a scammer who tried to disguise his appearance to evade arrest using plastic surgery.

information.

Law enforcement traced the group’s financial activities across 1,444 bank accounts associated with the fraudulent token sales. This investigation enabled authorities to understand the scale of the plot and identify the methods used to launder the proceeds.

Arrest and Asset Seizure

Mr. A was ultimately arrested in Australia after he had fled South Korea, traveling through Hong Kong and Singapore. In the operation, authorities seized 22 Bitcoins, valued at approximately $1.9 million, from Mr. A’s possession. They also confiscated an additional 47.8 billion won (about $34 million) linked to the fraud operation.

The arrest marks an important step in . The case shows the need for regulatory vigilance as crypto scammers continue to target investors seeking high returns.

South Korean Police Arrest Suspect Behind $12 Million Cryptocurrency Scam

South Korean authorities have also carried out investigations of other cases, one of them leading to the arrest of a suspect responsible for a cryptocurrency scam worth 16 billion won ($12 million). The suspect costing approximately 21 million won ($15,746) in an attempt to evade capture. Changing h