Ethereum Fraud: South Korean Wacon CEO Arrested, The Victims are Elderly!

Bittime - CEO Wacon South Korean arrested on suspicion of Ethereum fraud, with most of the victims being elderly. Read this article to find out the full news!

Ethereum scam in South Korea

According to a report from the Seoul Central District Prosecutor's Office, Byun Young-oh, CEO Wacon, along with another suspect named Yeom, have been detained and will be tried on charges of Ethereum fraud. 

Byun is accused of running a multi-layered fraud scheme or pyramid scheme involving hundreds of billions of won, with the number of victims reaching around 500 people. This fraudulent scheme is related to a crypto wallet service called MainEthernet operated by Wacon. 

In the summer of 2023, reports began to emerge that investors were unable to withdraw their funds from the platform. This raised concerns among investors and triggered further investigations from the authorities.

Read Also: Alert! Revealing the Facts Behind the Lottefi Scam

Promise of Huge Profits 

Byun is known to have attracted investors by promising huge investment profits, namely up to 45% to 50%. This promise of profits attracts the interest of many investors, especially seniors aged 60 years and over. 

This condition is very worrying because this age group is often an easy target for fraudsters. They tend to believe more in promises of huge returns without fully understanding the risks involved in this kind of investment.

Byun even held a meeting with investors in November last year. He promised to return their funds and resolve all problems within 4 months, but this promise was not fulfilled and the problems continued to drag on.

Ethereum Fraud Perpetrators Under Investigation

The Ethereum fraud case involving Wacon and Byun Young-oh provides a warning to always be careful with crypto investments. Although digital assets like Ethereum have huge profit potential, the risk of fraud cannot be ignored. 

This case also highlights the need for more protection for vulnerable groups, such as the elderly, from investment fraud. Education regarding investment risks and basic knowledge about crypto needs to be improved, so that people are not easily trapped in fraudulent schemes that promise instant large profits.

Currently, The Seoul Central District Prosecutor's Office is investigating the possibility that there are other victims or perpetrators involved in this fraud scheme. It is hoped that the ongoing legal process will provide justice for the victims and prevent similar fraud in the future.

Read Also: SEC Sues Silvergate for Alleged Securities Fraud

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You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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