12 Busted in South Korea, Accused in $19M Crypto Scam

56,000 people, most of them were from older generation, fell victim of another crypto-related Ponzy scheme in South Korea
08 April 2019   349

The authorities of South Korea last week suspended the activity of the financial pyramid related to cryptocurrencies, the victims of which were about 56,000 people who invested over 21.2 million won (about $ 18.7 million).

As Korea Joongang Daily reports, a special unit of the Seoul Public Security Police detained two scheme managers. One of them was responsible for the website sales, the second - for the cryptocurrency exchange. In addition to them, 10 people were arrested, involved in the involvement of citizens in the pyramid since May last year.

The media writes that in the process of catching criminals the police used advanced technological solutions, including an “artificial intelligence [AI] investigator.”

Through keywords such as Ponzi, loan and recruiting members, we were able to teach the AI patterns of Ponzi schemes. The program can also identify advertisement patterns and identified the enterprise in question, which [was caught] with evidence provided by an unnamed informant. In our stakeout, we saw that most people attending the swindler’s presentation for membership were elderly people in their 60s and 70s.
 

Hong Nam-ki

Section chief, The Seoul Special Judicial Police Bureau for Public Safety second investigation team

According to the authorities, two managers in June last year created an website access to which was only available to participants in the scheme, and a cryptocurrency exchange. Investors were charged an annual commission of $ 388 for regular membership and $ 865 for a premium. As in other financial pyramids, for attracting new participants to the scheme, existing investors were entitled to bonuses.

The company carried out all calculations with the help of the M-coin token not represented on the exchanges, the cost of which, according to the promises of the organizers, was to grow 3 times in the near future. Among the victims of the scheme were many representatives of the older generation who did not understand the nature of digital assets.

EOS to Buy $30M Worth Domain For Its Social Network

Earlier, CEO reported that his company will spent about $150M to develop Voice, and looks like "voice.com" purchase for $30M is one of the first steps
19 June 2019   71

The Block.One company, known for developing the EOS blockchain protocol, acquired a domain for its new social network Voice for $ 30 million. This is evidenced by documents published on the website of the US Securities and Exchange Commission (SEC).

Documents were provided by MicroStrategy, an analytical and mobile software provider. It follows the “voice.com” domain, registered in the GoDaddy domain name registry, was transferred to the EOS developer on May 30, 2019. After 2 days, Block.One officially announced preparations for the launch of a social network.

Block.one has made a smart strategic decision in choosing Voice.com to be the internet domain name for its new social media platform. The word ‘voice’ is simple and universally understood. It’s also ubiquitous — as a search term, it returns billions of results on the internet. An ultra-premium domain name like Voice.com can help a company achieve instant brand recognition, ignite a business, and massively accelerate value creation.
 

Marge Breya 

Senior Executive Vice President and Chief Marketing Officer, MicroStrategy Incorporated. 

The commercial model of MicroStrategy is based, among other things, on the accumulation and sale of such expensive domain names.

According to Block.One, the identification of users and the use of the EOS blockchain in the social network will help to avoid the massive influx of bots, which often affect other members of this niche. Earlier, CEO Block.One Brendan Blamer reported that his company spent about $ 150 million to develop Voice.