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18.11 - 08:19
‘Kimchi Premium Fraud Ring’ Busted in South Korea
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The South Korean police have arrested three people it claims orchestrated a major crypto fraud ring that told investors they could take advantage of the so-called “kimchi premium.”
Per NoCut News, the alleged scam’s center of gravity was the North Jeolla Province, in the southwest of the country. Some 470 victims appear to have been sucked into the scam, with police estimating that a total of USD 1.87m had been invested.
The North Jeolla branch of the National Police Agency's Cybercrime Investigation Unit announced that it had arrested “three people, including a man in his 50s,” on charges of violating fraud and economic crimes-related acts.
Officers said they had begun to investigate after receiving at least 38 complaints, and had found that
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