Bitcoin Scam Foiled by South Korean Police, 81 Detained
2024-11-07

Scammers have been targeting crypto enthusiasts and investors on the verge; in a recent development, the Gyeonggi Southern enforcement agency has tracked down and detained a group of fake digital asset scammers. 
As per Hankyoreh, a South Korean newspaper, a scammer trying to defraud an official of the Gyeonggi Southern Provincial Police Agency’s Mobile Criminal Investigation Unit was nabbed by the official, who included 81 suspects. An amount of $1.6 million was also recovered. 
Law enforcement has successfully foiled a Bitcoin mining scam after a scammer contacted an official from the Mobile Crime Investigation Unit in April. Sensing something amiss, the official decided to play along, pretending to be an interested investor. 
Unbeknownst to the scammer, the official was gathering crucial information. The scammer, convinced of the official’s interest, provided bank account details to receive preliminary funds. This mistake proved costly, as authorities used the information to track and dismantle the fraudulent group.
The scammers, posing as Bitcoin miners, had been targeting innocent investors. The activeness of enforcement agencies in the region shows their concern for the safety of their residents. 
The crackdown by the officials shows their keen eyes on illicit activists in the nation especially those linked to digital assets. Scammers Used Thousands of Fake SIM Cards 
The scammers were cleverly operating the fraudulent scheme, they allegedly used 1098 forged SIM cards, the majority of which were registered in the name of non-Korean residents. 
The enforcement agency ended the investigation after the arrest of 81 individuals. As per finance experts of South Korea in the past few years, the illicit activities related to cryptocurrencies have surged significantly with the growing adoption of digital assets in the region. 
However, trading cryptocurrencies isn’t banned in SK but there is no legalization for such blockchain-based currencies. 
Yet there are claims as well as data in the market that the nation is actively exploring the potential benefits and drawbacks of CBDCs (Central Bank Digital Currency) and its national e-currency is in the testing phase and seven regional banks have got official approval to participate in this pilot program. 
In a report published a week ago, the financial regulator of the nation reported that the number of people holding cryptocurrencies in South Korea has surged significantly in 2024 compared to the previous year. Crypto Market Price Updates 
As of writing cryptocurrency market capitalization was $2.52 trillion which saw a surge of 2.47 percent however the trading volume saw a decline of 2.25 percent reaching $163.34 billion. 
In the past few days, Bitcoin prices have seen a massive spike, and most recently it registered its all-time high of $76,460, until publishing it was trading at $74, 812 adding more than 20 percent. 
It is crucial to note that the growth and bullishness in BTC trading price in the past few days, and weeks has been solely backed by the US elections, which recently ended and Donald Trump once cleared his way to the White House. 