$365 Million Crypto Scam: South Korean CEO Indicted For Alleged Fraud
Summary
CEO and Vice Chairman of South Korean tech firm Wacon, Byun Young-oh and Yim Mo-Soo, were arrested for orchestrating a crypto Ponzi scheme targeting elderly people, defrauding over 10,000 members of 500 billion won. The company offered high returns and referral revenue, but failed to pay investors, resulting in losses of hundreds of billions of won. Byun and Yim were indicted for fraud and fraudulent receipt of funds, with the investigation ongoing to find more victims and accomplices. Authorities are also investigating Wacon's parent company, SAK-3, for a similar scam.
