14 People Arrested in $12 Million Cryptocurrency Mining Scam

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14 People Arrested in $12 Million Cryptocurrency Mining Scam


The Seoul Police Department's Financial Crimes Investigation Unit has arrested 14 people in connection with a $12.8 million cryptocurrency mining scam. The ringleader, a 40-year-old man surnamed Lee, even underwent plastic surgery to evade the law. He is accused of defrauding 158 victims by setting up a fake cryptocurrency mining company between November 2021 (November 1400) and June 2022 (June 1401). Lee embezzled $3.6 million of the total amount and used a network of recruiters to make the operation appear legitimate. After ten months of persecution, he was finally arrested. The police also arrested eight key people in the fraudulent operation.

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