South Korea Arrests Creators of $82.5M Cryptocurrency Pyramid

The South Korean police have arrested 22 people for their involvement in a cryptocurrency investment fraud in the city of Changwon.

According to reports in local media, the fraudulent activities of the organization’s CEO and his accomplices led to the total loss of 6,610 victims, resulting in a total loss of 110 billion won ($82.5 million).

The court has ordered the freezing of any deposits and vehicles in the fraudsters’ possession as part of the investigation.

South Korea has recently passed a law aimed to protect digital asset users and is in the process of creating a regulatory framework that will involve tracking and freezing cryptocurrencies that are owned by North Korea.