Three people in South Korea arrested for allegedly defrauding $4.1 million in memecoin under the pretext of golf membership

ChainCatcher news, according to News1, the police in Gyeonggi Province, South Korea, arrested and prosecuted three suspects on August 28, 2025, for allegedly committing cryptocurrency fraud, which defrauded 129 victims of approximately 5.7 billion won (4.1 million USD). The gang is accused of creating a meme coin called GCV between December 2023 and June 2024.

It is alleged that they lured investors to invest in the coin with false promises of membership in Asian golf courses.