The Gwangju police in South Korea have cracked a virtual asset fraud case, and three suspects have been arrested

According to a report by the Korea United News Agency, the Gwangju Police Agency's Cyber Crime Investigation Team will arrest and transfer three suspects led by A (in their 60s), who are suspected of establishing offices in Seoul, Gwangju in South Jeolla Province, and Gunsan in North Jeolla Province since November 2024. They allegedly deceived over 100 elderly individuals aged 70 to 80 into investing in virtual assets with false promises such as "guaranteed principal" and "potential profits of hundreds of billions of Korean won," accumulating approximately 500 million Korean won in fraud.

The police stated that there are likely still unreported victims and are continuing to expand the investigation, reminding the public to remain vigilant against investment offers that promise guaranteed principal and high returns.