South Korean police crack down on $4.3 million in fake cryptocurrency investment scam

2025/08/28 11:20

PANews reported on August 28th that the Anti-Corruption and Economic Crime Investigation Team of the Gyeonggi Southern Police Agency in South Korea announced the crackdown on a fraudulent cryptocurrency investment scam, arresting and transferring three suspects. The ring used the fake "Golf Cart Victoria" (GCV) cryptocurrency, a worthless product, as bait, claiming that purchasing the tokens would grant golf memberships in Asia. They defrauded 129 victims of approximately 5.7 billion won (approximately $4.3 million USD).

After a year of investigation, the police successfully arrested the suspect and collected relevant evidence. They said they would track the proceeds of crime to help victims recover their losses.

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