Crypto Fraudsters Bait Victims with Pledges of Free ETH and Rolex Watches

Source: Panuwat/Adobe

The ringleaders of a South Korean crypto fraud ring that sucked victims in with promises of Rolex watches and ether (ETH) gifts were sentenced to prison.

money today reported that three people had been convicted by a branch of the Criminal Division of the Seoul Central District Court for fraud. The court heard that the trio set up a fake crypto exchange and duped the victims out of more than $61,000.

The masterminds of the operation, called “A”, “B” and “C” for legal reasons, were described as being in their thirties. A, the court said, set up a bogus trade with B and then hired C as a “planning manager.”

C was then tasked with creating a public group chat room by posing as an ordinary individual interested in crypto trading. Without disclosing that they were affiliated with the fake exchange, C then posted positive comments about the fake exchange, trying to lure investors to his website.

C explained that the exchange issued several low-key, high-potential coins that had “good growth potential.”

The trio also planned a ‘fake’ promotional ‘event’, promising investors that they would enter a raffle where they could hope to win ‘Rolex watches and ETH tokens’ if they purchased coins at events. presale.

The favorite tool of crypto-fraudsters: group chats

At least six potential investors were lured by the claims of the trio, accumulating a total of more than $61,000.

The presiding judge said in the sentencing that the defendants “systematically deceived” their victims” before “defrauding them out of money”.

The outlet noted that A, B and C have all appealed the verdict.

Crypto fraud is on the rise in South Korea – and group chats seem to be their latest favorite tool.

Last week, police said they had arrested $472,000 crypto fraud gang operators which used KakaoTalk’s group chat feature to divert users to a fraudulent platform. The victims were described as ranging from “crypto-curious newbies” to “housewives.”

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