$365 Million Crypto Scam: South Korean CEO Indicted For Alleged Fraud

Quick Summary:

South Korean authorities have arrested and indicted the CEO of a tech firm and his accomplice for fraud.

The two men are suspected of orchestrating a crypto scheme of over 500 billion won that took advantage of elderly people with false promises of massive returns.

Wacon used a multi-level method to recruit investors, offering unlimited referral revenue for “introducing acquaintances” to the company’s services.

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Article Details

Author / Journalist: Rubmar Garcia

Category: Crypto

Markets: HungaryEl SalvadorSouth Korea

Topics: Crypto Fraud Crypto News Crypto Scam ETHUSDT Crypto ponzi scheme Ethereum Crypto wallet South Korean police South Korean authorities Crypto investment platform Ether ETH

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-13 @ 05:30:52 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 507 words

Reading Time: 3 minutes read

Sentences: 32 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 22057789

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 11 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 9 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #105

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