South Korea Cracks Down on Multiple Crypto Scam Groups Posing as Investment Experts

May 15 news, South Korea has dismantled several fraud groups that disguised themselves as investment experts, luring victims to invest in cryptocurrency with promises of high returns. It is reported that these groups operated in residential-office complexes in Incheon from June 2023 to April 2025, stealing a total of 730 million Korean won (approximately 522,000 USD). These fraudulent activities were carried out by well-structured teams, including a mastermind, team leaders responsible for training and communication, and telephone customer service contacting victims. They operated scam communities through phone calls and social media to defraud funds.