According to Yonhap News Agency, South Korean police recently arrested a man in his 60s who is suspected of planning a large-scale Crypto Assets investment scam. The man lured thousands of people by using Crypto Assets and artificial intelligence as bait, deceiving them through lavish seminars, with the amount involved reaching 84 billion won (approximately 61.1 million USD).

The suspect held a meticulously planned business seminar in the bustling areas of Gangnam, Seoul, claiming to have cutting-edge Crypto Assets and artificial intelligence investment opportunities, promising investment returns of up to 300%, thereby attracting about 2,200 investors. Their scam method aligns with the typical characteristics of a Ponzi scheme, whereby the funds from new investors are used to pay returns to earlier investors, creating the illusion of profit until the funding chain breaks.

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