"Promised Huge Profits Upon Listing"... Fraudster Who Embezzled 20 Billion Won Arrested

Published 10 Apr.2023 17:55(KST)

Updated 07 Aug.2025 16:21(KST)

A group was arrested for swindling 20 billion won by deceiving people into believing they could earn huge profits if virtual assets were listed.

On the 10th, the Cyber Crime Investigation Unit of the Daegu Metropolitan Police Agency arrested three people, including Mr. A, the CEO of a certain virtual asset company, on charges of fraud and violation of the Door-to-Door Sales Act for receiving virtual asset investment funds by luring high returns.

"Promised Huge Profits Upon Listing"... Fraudster Who Embezzled 20 Billion Won Arrested

Mr. A and others are suspected of receiving about 20 billion won in investment funds from approximately 3,000 investors recruited by falsely claiming that their virtual assets would yield large profits once listed in 2021.

The virtual asset, which became famous due to the participation of Mr. A, a former hacker, was reportedly restricted from being sold even after being listed on a virtual asset exchange, making it impossible to convert into cash.