South Korea's Daegu Police Department announced on the 6th that it had arrested 25 people, including cryptocurrency developers and heads of multi-level company centers, on charges of fraud. The group stole 18 billion won from 4,000 victims and stated that it would ensure high amount of profit.
Among them, three people, including Mr. A (47 years old), CEO of a cryptocurrency issuing company, and Mr. B, a senior central official of a multi-level company, are suspected of violating the quasi-receipt activity supervision law. The police said that they were suspected of gathering investors through SNS reading rooms and multi-level companies to invest in the cryptocurrency they created from August 2020 to June 2021, and stole huge amounts of money.