South Korean Wacon CEO arrested for cryptocurrency fraud
2024-08-12 01:11:21
On August 12, Byun Young-oh, CEO of South Korea's Wacon company, was arrested on suspicion of Ethereum-related cryptocurrency fraud. The Seoul Central District Prosecutor's Office will indict Byun and another suspect, Yeom, for fraud. The MainEthernet wallet service operated by Wacon had difficulty withdrawing cash in the summer of 2023. Prosecutors believe it was a multi-level marketing scam scheme worth hundreds of billions of won, with about 500 victims, mainly the elderly. Byun had promised a return on investment of up to 45% to 50%, but denied the Ponzi scheme charges.
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