"Lost Money in Stock Leading Rooms?" Cryptocurrency Investment Scam Twice Victimized Users
Seoul Dongjak Police Station Begins Investigation into Tellumo Coin Lawsuit Case
[Asia Economy Reporter Yoo Byung-don] An incident occurred where an individual fled after gathering investment funds by promising to recover losses suffered in 'stock leading rooms' through cryptocurrency investments, prompting the police to launch an investigation.
On the 31st, the Dongjak Police Station in Seoul announced that it had taken over and begun investigating a complaint related to 'Tellumo Coin' recently filed with the Seoul Metropolitan Police Agency.
According to the police, the group behind the fraud approached investors by mentioning stock leading rooms and similar investment advisory firms they had used in the past, pretending to be a loss compensation team and recommending further investments.
They enticed investors by claiming that the cryptocurrency called Tellumo Coin was about to be listed at 190 won on well-known domestic and international exchanges, offering to sell it at 10 won, and reassured investors by claiming to be the head of the Korean branch of the cryptocurrency foundation, encouraging additional investments.
However, when the listing date arrived, the cryptocurrency was listed only on two small exchanges and its price plummeted. Victims realized it was a scam only after the contacts who had recommended the investment at the end of August stopped responding and they directly contacted the firms they had used in the past.
The similar investment advisory firms mentioned by the perpetrators claim they are unrelated to the incident. It is reported that there are currently 600 to 700 victims, with damages amounting to 7 to 8 billion won.
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A police official stated, "The investigation is in its early stages, and no summons or interrogations of related parties have been conducted yet," adding, "The exact scale of the damage will be confirmed after the investigation."
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