South Korean police have arrested two people on suspicion of committing virtual currency-based fraud.
According to the South Korean news agency Chosun, two young men in their 20s and 30s defrauded an elderly man in his 60s and stole 5.5 billion Korean won, equivalent to $4.1 million.
According to the report, the elderly victims were promised huge profits by investing with the scammer pair.
One of the promises was a 70% return on investment in just one month.
“If you invest 1 billion won, it will become 1.7 billion won in one month.''
The victim provided funds to the alleged fraudster before the two forged fake certificates as proof of the victim's investment.
Police said the forged certificates showed $20 million worth of cryptocurrency, even though the initial funds had not been invested.
In other news from the same country, Montenegro's Supreme Court recently postponed the extradition of disgraced Terra (LUNA) founder Do Kwon to his native South Korea.
According to a new note, Montenegro's Supreme Court has overturned an earlier ruling that gave the green light to extradition proceedings to return Kwon, who is wanted for crimes related to the collapse of the Terra ecosystem in 2022, to his homeland.
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