Elderly Targeted with High-Yield Cryptocurrency Bait... Police Launch Investigation into Coin Pyramid Scheme
[Asia Economy Reporter Yoo Byung-don] A group suspected of opening a cryptocurrency exchange and committing fraud against investors by promising "high returns" has been caught by the police.
The Guro Police Station in Seoul announced on the 3rd that it is investigating after receiving a complaint regarding fraud suspicions related to the cryptocurrency exchange 'BitTop.'
Victims claim that BitTop deceived people by promising high returns, raising approximately 15 billion KRW from about 1,000 individuals, but failed to provide investment profits and blocked withdrawals, thereby embezzling customers' assets.
The perpetrators mainly targeted elderly people who were not familiar with cryptocurrency, and recruited investors through a multi-level marketing scheme, the victims emphasized.
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A police official stated, "We are investigating the exact circumstances of the case, the precise charges, and the scale of the damage based on the complaint."
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