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South Korean investors fall victim to a pyramid scheme

July 1, 2020

The South Korean authorities are currently investigating a complaint from 950 investors claiming to be victims of a Ponzi program related to cryptocurrencies.

According to TV Chosun, Police are investigating reports that more than 160 people have participated in a suspected fraud called Futurenet. The Futurenet team is also suspected of stealing nearly 20 billion won ($ 16.66 million) from its investors and withdrawing the money via cryptocurrencies.

Victims bought with cryptocurrencies

The victims claim that they have been tempted to buy an “advertising package” with cryptocurrencies first. You never received such ads because of the purchase of the ad package.

South Korean investors fall victim to a pyramid scheme
South Korean investors fall victim to a pyramid scheme

A police officer from a station in Seocho-gu from Seoul, He says the investigation is “still in its early stages,” so no further details about the structure or the cryptocurrencies involved are known. No arrests were made at the time of this release.

In the past few weeks, the Metropolitan Police Agency of Seoul launched a criminal investigation on June 12 that resulted in the search and seizure of two undisclosed cryptocurrency exchanges.

These efforts were made in the hope of dismantling a $ 41.5 million Ethereum (ETH) criminal network.