A man in South Korea was arrested by the police for defrauding 250 million won under the guise of cryptocurrency mining investment

ChainCatcher news, a man in his 30s in South Korea was arrested by the Korean police for defrauding 250 million won (approximately 187,000 USD) under the pretense of cryptocurrency mining investment.

According to the Ulsan Southern Police Station, the suspect, identified as A, deceived investors from May 2021 to May this year by promising high returns of 3 to 4 times to members of interest groups.

Investigations revealed that A did not use the funds for mining operations but instead used them to pay off personal debts, wedding expenses, and living costs. A has now been arrested by the police, and the case will be handed over to the prosecution for further handling.