Bitcoin Pyramid in South Korea swindled $20 Million

Two South Korean suspects have ostensibly used a pyramid scheme based on Bitcoin to fraud some 20 billion Korean won or $20 million from investors in country
20 April 2018   535

The news was brought to a public as a judge from Seoul's Incheon District Court has stated a fine of $15 million and $8 million accordingly to the two men on April 19, as it had been revealed by Yonhap, the South Korea news agency.

The report mentioned the two suspects who began the putative scheme since 2015 and primarily received 26 billion won (or $24 million) from their investors. Then those  suspected citizens afterwards constructed the multi-level company by budding investors with high payoffs through investing in bitcoin.

The judge declared in his report that the multi-level transactions can cause a risk to the order in economic and social spheres with mass production of many victims.  Then the court appointed that the fine is given based on the substantial amount of investment they have allegedly attracted from their defrauded customers.

The report about those events turns up just a few days after South Korea's  neighbor country - China, has also strengthened up efforts in breaking down multi-level marketing schemes that are supposed to be under disguise of bitcoin investment.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   277

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.