Just recently the South Korean police forces came into action taking down one of the largest crypto-frauds in the country. The Korean Police officials commended the performance of their police forces in putting an end to the crime.
The South Korean Police revealed that the crypto on which the fraud was built up was Ethereum (ETH). The fraud being carried out by the perpetrators was known as EtherWallet.
The South Korean Police forces confirmed that in the process of putting an end to the fraudulent operation, they did dozens of arrests throughout the country.
The South Korean Police conducted the mass operation all across the country as the perpetrators had scammed more than $44.5 million from South Koreans. So far, the South Korean police has identified more than 3,000 victims of the EtherWallet fraud.
The Seoul Metropolitan Police Department informed in the press release for how long they were monitoring this case. The police revealed that they had been investigating the scam since January of 2020.
Furthermore, the police was also observing the activities of the accomplices conducting the fraud all across South Korea.
As per the Seoul police department, they started receiving numerous complaints related to the EtherWallet scam. There were several hundreds of investors who launched complaints at the Police bank back in January 2020.
The Seoul Police force alleged that the fraudsters were professionals in carrying out the fraudulent activities. In order to register innocent investors, the fraudsters were using Multi-Level Marketing Tactics (MLM) tactics.
The fraudsters claimed that the investors would be adding their Ethereum (ETH) funds to the shared funds. The investors ended up adding large sums of their ETH funds hoping that they would be able to make huge profits. On top of that, the scammers also made false promises that the investors would be eligible for lucrative prizes and rewards.
The Seoul Police revealed that in the initial phases of their investigation, they were under the impression that only 1,500 investors were scammed.
However, further investigations revealed that the number of victims who got scammed was double the 1,500 figure.