Two South Korean Tech Execs Arrested in $365 Million Crypto Fraud

Quick Summary:

South Korean authorities have arrested the CEO of Wacon, Byun Young-oh, and Vice Chairman Yim Mo-Soo for their roles in a large-scale crypto fraud.

Ongoing investigations are also examining Wacon’s parent company, SAK-3, for similar fraudulent activities, with potential additional losses estimated at 1 trillion won.

The company allegedly used tactics like multi-level marketing and false assurances of returns to lure investors, but failed to deliver on its promises.

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Article Details

Author / Journalist: Sofiya

Category: Crypto

Markets: IndiaSouth Korea

Topics: Crypto Fraud South Korean $365 Million Arrested News Execs Tech Two Latest News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-14 @ 09:05:55 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 135 words

Reading Time: 1 minutes read

Sentences: 7 lines

Sentence Length: 20 words per sentence (average)

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

Copyright Owner: © BitcoinWorld

News ID: 22075157

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About BitcoinWorld

Main Topics: Crypto

Official Website: bitcoinworld.co.in

Update Frequency: 12 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 14 hours ago

Coverage Areas: India

Ownership: Independent Company

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Publisher ID: #121

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