Crypto-Scam: Scammer gambles loot in online casino

He lured his victims with guaranteed returns. But instead of the promised projects, the money ended up in the casino.

South Korean police have arrested a suspected crypto fraudster. The 38-year-old was handed over to the prosecution on May 18, according to local broadcaster SBS. The man had introduced himself in a chat group as the director of a famous public company and a successful investor.

He tricked his victims into accepting money by saying he would invest in cryptocurrencies and other projects. According to SBS, the victims were "office workers or housewives" whom the scammer lured with promises of high returns.

Thus, from September 2019 to August 2022, he snatched a total of $218,000 from five victims. The local broadcaster confirms that the money never went to the promised projects. Most of the investments were instead "used for transactions with gambling tokens."