South Korean prosecutors charge crypto scammers with impersonating regulators to defraud victims of $22.7 million

South Korean prosecutors have charged several alleged cryptocurrency scammers, accusing them of impersonating regulators and defrauding victims of a total of $22.7 million. Prosecutors said the group, which was masterminded by four men in their 40s, operated fake trading platforms called BISSNEX and BDCDP, impersonating real stock and cryptocurrency exchanges, and used a series of complex strategies to deceive potential victims. They "froze" wallets and then posed as regulatory officials to ask victims for "investigation fees" and asked them to pay $5,000 worth of USDT to unfreeze the wallets. The Suwon Prosecutor's Office is continuing to investigate the case, and the amount involved is likely to increase. One victim said: "Some victims lost 2 billion won (more than $1.5 million) in their investments, and the total loss will reach 50 billion won (22.7 million U.S. dollars)." (Money Today)