According to reports, a South Korean CEO faces fraud charges after allegedly orchestrating a crypto-themed $364.9 Million Ethereum scheme.
According to iNews24 Byun Young Oh, CEO of the tech company Wacon was arrested on suspicion of running a crypto investment scheme that masqueraded as a genuine pyramid scheme.
A CEO and an accomplice, a man named Yeom was also arrested. The Fifth Criminal Division, Seoul Central District Prosecutor’s Office is expected to try them on charges of fraud.
The scheme allegedly targeted elderly people by offering them up to 50% interest rate if they deposit their Ethereum via MainEthernet, Wacon’s wallet. And they also received rewards for encouraging friends to deposit Ethereum through MainEthernet.
The fraud began unraveling last year, when reports online claimed that investors were unable to withdraw their funds from the platform. Wacon is allegedly not paying principal or interest to participants since June 2023.
Byun denies any involvement in a Ponzi scheme.
Police are investigating whether additional damages and accomplices have occurred. They have so far identified 500 victims.
The authorities estimate that the participants in this investment scheme could have lost up to 500 billion won, or nearly $365,000,000.
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Sources of Images include Pixabay Creative Commons & Midjourney
The post Tech CEO Arrested For Alleged $364.915,550 Fraudulent Scheme: report may be updated as new information becomes available.
