Fraudsters Apprehended by South Korean Police After Elderly Loses $4.1M in Crypto Scam

Cryptocurrency-related crimes are witnessing a surge worldwide, fuelled by the ongoing market boom.

Among the most vulnerable targets are the elderly, who often fall victim to elaborate schemes orchestrated by fraudsters promising significant investment returns in exchange for their assets.

This trend has spurred authorities to ramp up enforcement efforts.

In a recent case, South Korean law enforcement apprehended two individuals, both in their 20s and 30s, for perpetrating a similar scam against a senior citizen.

Duo Nabbed for Preying on Seniors in Crypto Scam

According to reports from the renowned Korean daily, 'Chosun,' the victim, aged in his 60s, suffered losses amounting to nearly 5.5 billion South Korean won, equivalent to approximately $4.1 million.

The suspects, detained by the Haeundae Police Station in Busan, allegedly enticed the victim with promises of substantial profits from cryptocurrency investments between September and December 2022.

They claimed a monthly return of 70% on investments totaling 1 billion won and persuaded the victim to transfer 5.5 billion won across six transactions.

Despite the victim's financial contributions, none of the funds were deposited into legitimate cryptocurrency trading accounts, as confirmed by Busan authorities.

The victim was presented with fabricated balance certificates and falsified real estate contracts to conceal the deception further.

While the perpetrators were swiftly apprehended, details regarding the recovery of the stolen funds remain undisclosed.

Senior Citizens More Susceptible to Scams

Fraudsters often target seniors due to their trusting nature and limited familiarity with digital assets.

Additionally, some individuals in their 60s may lack sufficient retirement savings, making them susceptible to investment schemes promising quick wealth as they seek to secure their financial future.