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South Korean police arrested six people for running an “international crypto fraud” ring that siphoned 285 billion won ($1.2 million USD) from 1,000 victims over six months.
The police division in charge of fraud investigation in Seoul said that the network targeted domestic and foreign investors.
The Seoul Metropolitan Police Agency said on Thursday that the suspects had been operating the fraud for six months, starting in August last year, according to the news portal Hankyung.
The arrested individuals lured investors with a trading program they claimed used big data and artificial intelligence to gain profits.
However, the police said the suspects merely gathered the deposits in one account, transferring it to their individual accounts.
The police also froze assets and bank accounts related to the ring, which totaled over 17.5 billion won ($15.7 million USD).
Investigations are ongoing.
South Korean authorities have been pushing for tougher measures on crypto-related activities.
Last year, the government established a task force to crack down on alleged crypto-related funds and services frauds. They said that such scams have caused financial damages to many people in the country.