South Korean authorities have arrested two individuals for defrauding a senior citizen of 5.5 billion South Korean won ($4.1 million) through fake cryptocurrency investments. The fraudsters, in their 20s and 30s, promised the victim significant returns on investments made between September and December 2022.

The scammers claimed that the cryptocurrency market was booming and offered a 70% return on a monthly investment of 1 billion won. They falsified balance certificates to make it appear as if the victim’s funds were being invested in cryptocurrency and real estate.

Despite being caught by the police, details about the recovery of the stolen funds have not been disclosed. Meanwhile, Do Kwon, co-founder of Terraform Labs and a prominent figure in South Korea’s cryptocurrency industry, was released from prison in Montenegro following extradition requests from the US and South Korea.

Kwon is currently facing legal challenges related to the collapse of the Terra ecosystem in 2022. The decision to release him was made by the Supreme Court Council, which is yet to decide on his extradition to South Korea.

In a separate incident, four employees of a South Korean crypto exchange, Coinone, have been indicted for allegedly using illegal methods to profit over $2.26 million during coin listings from various projects. The investigation into their activities is ongoing.

This case highlights the importance of being cautious when investing in cryptocurrencies and conducting thorough research before committing funds. It serves as a reminder that scams and fraudulent activities are prevalent in the crypto space, and investors should exercise due diligence to protect their assets.

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