Cryptocurrency Pyramid Scheme Busted in South Korea – $250 Million Stolen

[kreslik.news]

Prosecutors in Incheon, South Korea, have indicted 21 suspects for their involvement in a multi-million dollar, international pyramid scheme based on cryptocurrency mining.

Pyramid scheme, to the max

The suspects worked for Las Vegas-based mining agency, Mining Max. They stand accused of scamming 18,000 investors in 54 countries, pocketing 270 billion won (USD 250 million) between September 2016 and October 2017, according to report from Yonhap news agency.

Three additional people are accused of lesser charges of embezzlement and are not being held, notably singer-songwriter Park Jung-woon. Another seven have escaped arrest – Interpol has been alerted as the chairman and vice chairman of ... (read more)