{"id":84053,"date":"2023-09-06T11:22:52","date_gmt":"2023-09-06T08:22:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84053"},"modified":"2025-09-12T15:02:15","modified_gmt":"2025-09-12T12:02:15","slug":"in-south-korea-founders-of-a-cryptocurrency-pyramid-scheme-arrested-over-82-5-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/in-south-korea-founders-of-a-cryptocurrency-pyramid-scheme-arrested-over-82-5-million\/","title":{"rendered":"In South Korea, founders of a cryptocurrency pyramid scheme arrested over $82.5 million"},"content":{"rendered":"<p>The police in the South Korean city of Chhanwon arrested 22 people on charges of cryptocurrency investment fraud. <a href=\"https:\/\/www.newspim.com\/news\/view\/20230905000200\">Local media<\/a> report.<\/p>\n<p>According to case materials, the chief executive and his associates established an asset-management firm. They guaranteed clients a 300% return, promising listings on major exchanges and an internal listing of the coins. In reality, the company operated a Ponzi scheme.<\/p>\n<p>In total, the pyramid scheme affected 6,610 people, with losses amounting to 110 billion South Korean won (about $82.5 million at the time of writing).<\/p>\n<p>During the investigation, the court barred the organisers of the fraud scheme from disposing of assets, including deposits and vehicles.<\/p>\n<p>Earlier in June, the South Korean parliament <a href=\"https:\/\/forklog.com\/en\/news\/south-korea-passes-bill-on-digital-assets\">passed a law<\/a> on the protection of digital-asset users. It is also preparing a regulatory act on <a href=\"https:\/\/forklog.com\/en\/news\/south-korea-to-freeze-north-koreas-crypto-assets-reports-say\">tracking and freezing<\/a> North Korea-linked cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The police in the South Korean city of Chhanwon arrested 22 people on charges of cryptocurrency investment fraud.<\/p>\n","protected":false},"author":1,"featured_media":84054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1163,1246,974],"class_list":["post-84053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ponzi-schemes","tag-scammers","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84053"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84053\/revisions"}],"predecessor-version":[{"id":84055,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84053\/revisions\/84055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84054"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}