South Korea busts multiple crypto scam rings posing as investment experts

PANews news on May 15th, according to Yonhap News Agency, South Korea has dismantled multiple fraud gangs that disguised themselves as investment experts, using high returns as bait to lure victims into investing in cryptocurrencies. It is reported that these gangs operated in a residential office complex in Incheon from June 2023 to April 2025, stealing a total of 730 million won (approximately $522,000). These fraud activities were carried out by a well-structured team, including a mastermind, a team leader responsible for training and communication, and telephone customer service that contacted victims. They operated fraud communities through phone calls and social media to defraud funds.