South Korean authorities have dismantled a large-scale crypto fraud operation, known as the 'Reading Room' scam, leading to the arrest of 19 individuals. The scam, which utilized online chat rooms to lure victims, promised high returns on cryptocurrency investments, only to defraud investors of substantial sums.
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The 'Reading Room' scam began with suspects using online chat rooms to attract potential victims with promises of high returns on crypto investments. After convincing victims to invest, the fraudsters stole the funds and used various tactics to evade detection. On May 21, South Korean police arrested 19 individuals connected to the scam, although several suspects remain at large. The operation defrauded hundreds of investors, leading to significant financial losses.
South Korean authorities dismantled a major crypto fraud operation called the 'Reading Room' scam, arresting 19 individuals. The scam involved using online chat rooms to lure victims into fraudulent cryptocurrency investments, resulting in the theft of $18.8 million. Several suspects remain at large as police continue their investigation.
