South Korea Gwangju Police Solve Virtual Asset Fraud Case, 3 Suspects Arrested

According to Yonhap News Agency, the Gwangju Police Agency's Cyber Crime Investigation Team has arrested and referred three suspects, led by A (in their 60s), suspected of establishing offices in Seoul, Gwangju (Jeollanam-do), Gunsan (Jeollabuk-do), and other locations since November 2024, and using false promises such as "principal guarantee" and "potential returns of billions of Korean won" to lure over 100 elderly individuals aged 70 to 80 into investing in virtual assets, defrauding them of a total of approximately 500 million Korean won. The police stated that there are expected to be victims yet to be revealed, are currently continuing to expand the investigation, and reminded the public to remain vigilant against investment offers promising principal protection and high returns.