South Korean Police Arrest Suspects in ‘Scam Coin’ Case

South Korean Police Arrest Suspects in ‘Rip-off Coin’ Case

A suspected rip-off coin operator used to be arrested in Gimpo, Gyeonggi Province, South Korea. In step with YTN, Gimpo police charged an unnamed particular person in their 20s with fraud.

Officers also acknowledged that a second particular person (also in their 20s) used to be also charged with “helping and abetting fraud.”

‘Rip-off Coin Operator’ Faces ‘Fraud’ Wrap

Police withheld necessary points in regards to the particular person from the press for true reasons. But the particular person charged with fraud (known as “A” by the South Korean press) used to be described because the “CEO of a cryptoasset-associated firm.”

Officers also acknowledged that the firm in ask “worn celebrities comparable to a broken-down nationwide crew soccer participant” to promote a coin.

Soccer Principal person Says Photos Had been Fresh With out Permission

Earlier this week, Lee Chun-soo, a large title of the 2002 World Cup, admitted that he spoke to operators of the soccer-themed Golden Goal (GDG) coin.

Lee acknowledged he spoke to GDG executives about a conceivable NFT collaboration in 2021.

GDG officers launched photography of Lee Chun-soo in September 2021 in a recount heart’s contents to promote the mission.

Investors within the mission also acknowledged the GDG masterminds despatched crew chats claiming that “Lee Chun-soo [was] shut” to “joining” GDG.

But Lee this week complained that the pictures had been worn with out his permission or files.

Police speaking about A’s arrest, meanwhile, outlined that patrons had been educated they would possibly per chance well also “procure pleasure from buying for a token sooner than it used to be listed on domestic exchanges.”

Alternatively, the token in ask used to be never listed on a domestic trading platform. Investors acknowledged they had been later blocked from withdrawing their stakes from a coin-associated platform. Police outlined:

“A is accused of defrauding around 30 patrons out of over $2.25 million. This particular person began working a digital currency industry in March 2021.”

Officers also acknowledged that the soccer participant in ask “reportedly outlined that he had nothing to cease with the digital currency issued by this firm.”

Police failed in a recount heart’s contents to arrest A final year when a court turned down their ask for an arrest warrant.

Alternatively, officers succeeded with a extra most recent recount, likely within the sunshine of Lee’s comments.

Police spokespeople acknowledged they “conception to total” their investigation into A and the second suspect “almost in the present day.”

A and the second particular person had been launched pending a court hearing, nonetheless officers acknowledged they supposed helpful the case to the prosecution.

Rising Scrutiny

There will likely be increasing scrutiny in South Korea over so-called “rip-off coin” projects allegedly linked to a blockchain firm named Winnerz.

The controversy surrounding Winnerz has viewed a few celebrities with suspected ties to executives distance themselves from the firm.

Winnerz operates the WNZ coin, which is listed on in a single other nation exchanges. The firm operates a different of sports ventures and blockchain-associated operations.

Celebrities Remark Involvement

Leading YouTubers, TV personalities, and social media stars own moved to speak hyperlinks between themselves from Winnerz within the previous week as controversy over so-called rip-off money continues.

An anonymous post, printed by people claiming Winnerz used to be working a “multi-stage rip-off” went viral on February 5. The patrons acknowledged they had taken their case to the police.

And the YouTuber Oking final week printed a video the assign he admitted to making anonymous investments in Winnerz.

Japan’s Top Minister Fumio Kishida is pondering visiting South Korea on March 20, broadcaster Fuji TV reported https://t.co/HxIEIQ4VZ5

— Reuters (@Reuters) February 14, 2024

Additionally this month, regulators hinted that they would possibly per chance well also investigate the 2023 NFT-powered live performance ticket sales of the K-pop large title and “Gangnam Style” singer PSY.

Source : cryptonews.com