South Korean Authorities Arrest Two Individuals for $4.1 Million Crypto Scam Targeting Senior Citizen

According to CryptoPotato, South Korean authorities have arrested two individuals for orchestrating a cryptocurrency scam targeting a senior citizen. The victim, in his 60s, lost nearly 5.5 billion South Korean won, equivalent to almost $4.1 million. The suspects, detained by the Haeundae Police Station in Busan, South Korea, reportedly lured the victim with promises of huge returns on crypto asset investments from September to December 2022. They assured a monthly profit of 70% on investments totaling 1 billion won and convinced the victim to transfer 5.5 billion won across six transactions. The duo provided fabricated balance certificates that showed nonexistent investments. The victim was also presented with counterfeit balance sheets and falsified real estate contracts to further mask the deceit. While law enforcement managed to swiftly apprehend the perpetrators, details regarding the recovery of the stolen funds are not yet known. Crypto scams targeting seniors are on the rise, as they are often more trusting and less technologically savvy. The FBI's 2022 Elder Fraud Report revealed a surge of over 300% in financial losses attributed to investment fraud, primarily due to scams involving crypto investments. Losses related to crypto surged by 350% across various crime categories monitored by the agency.