South Korean company Wacon CEO arrested for allegedly planning crypto Ponzi scheme, involving "hundreds of billions of won"

Byun Young-oh, CEO of South Korean technology company Wacon, has been arrested on suspicion of planning an ETH-related cryptocurrency scam. The Seoul Central District Prosecutors' Office will indict Byun and another suspect, Yeom, for fraud. The MainEthernet wallet service operated by Wacon was unable to withdraw money normally in the summer of 2023. In November last year, Byun met with investors and claimed that he would return investors' money and said that "all problems will be resolved in just 4 months." But prosecutors believe that this is a Ponzi scheme involving hundreds of billions of won, with about 500 victims, mainly elderly people. Byun had promised a return of up to 45% to 50% on investments and denied the Ponzi scheme allegations last year. According to reports, Byun claimed that he also operated a cryptocurrency exchange and an NFT-based gaming business. A spokesman for the prosecutors said they were "currently investigating" to determine if there were "other victims or accomplices" involved. (Cryptonews)