Published on augustus 30, 2024, 12:22 am
Image source: Fox News
```json [ { "TLDR": "South Korean authorities arrest 14 individuals involved in a $12.1 million fraudulent crypto mining scheme led by 'Mr. A,' who promised an 18% monthly return. Mr. A used plastic surgeries to evade arrest, purchased cryptocurrency to hide gains, but was caught with assets worth $982,000. Similar fraud incidents in South Korea and India highlight challenges in regulating cryptocurrencies globally." } ] ```
Our weekly Asia crypto news roundup brings to light a significant development in the industry. South Korean authorities have apprehended 14 individuals involved in a fraudulent crypto mining scheme that siphoned off 16 billion Korean won (approximately $12.1 million). The scheme’s mastermind, known only as “Mr. A,” enticed victims with promises of an 18% monthly return on investments in the sham crypto mining business from November 2021 to June 2022.
The investigation took flight after receiving 21 complaints across the country, leading to Mr. A and three others’ arrest in September 2023. Despite missing a pre-trial detention hearing, Mr. A was finally detained in July 2024 following multiple plastic surgeries to alter his appearance, including procedures on his eyelids, nose, and facial contouring amounting to around 21 million Korean won (approximately $15,900).
To mask his illicit gains, Mr. A purchased cryptocurrency and cashed out through an accomplice at a law firm using burner phones and frequently changing residences. Police seized assets worth 1.3 billion Korean won (about $982,000) along with cash amounting to 100 million Korean won (roughly $75,500) from Mr. A’s hideout during the investigation.
This incident sheds light on the prevalence of frauds within South Korea’s booming cryptocurrency market despite being one of the largest globally. Similarly concerning events include Hyungsoo Lee, CEO of Haru Invest, being stabbed during a court hearing amid allegations of embezzling $826 million in cryptocurrency from Haru users.
Furthermore, Indian crypto exchange CoinSwitch has announced plans to take legal action against competitor WazirX to recover approximately $9.6 million trapped since WazirX’s $230 million cyberattack in July. Conversely, WazirX faces potential asset freezing due to suspected fraud claims; it aims for legal protection by applying for a six-month moratorium for restructuring liabilities.
These issues highlight the challenges faced by countries like India in regulating their evolving crypto sector amidst rising incidents of scams and security breaches within exchanges worldwide.
In Malaysia and the Philippines’ recent crackdowns on cryptocurrency fraud operations targeting victims through deceptive means depict ongoing efforts to combat such illicit activities across regions globally. These actions underscore the importance of regulatory frameworks as nations navigate the complexities posed by emerging technologies like cryptocurrencies that can be exploited for fraudulent purposes.
Stay informed about these developments shaping Asia’s cryptocurrency landscape as markets continue to evolve amidst regulatory scrutiny and security challenges that affect investors worldwide searching for secure investment opportunities within this dynamic industry segment.
Original article posted by Fox News
