South Korean police have arrested a 38-year-old man on fraud-related charges for allegedly scamming victims out of $218,000 by promising high profits through his crypto project. The suspect posed as the director of a famous stock trading company, a successful crypto trader, and even a well-qualified civil servant to dupe his victims, who were mainly housewives and office workers. He operated the scheme from September 2019 to August 2022 and frequented investment and crypto-themed group chats on the KakaoTalk chat app platform. The rise of crypto scams in South Korea has led to the formation of a new crypto scam-fighting unit and a pledge from the country's President to wage war on crypto-powered drug traders.
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