Ethereum-Themed Crypto Fraud: Wacon CEO Byun Young-Oh Arrested in South Korea for Running Cryptocurrency Ponzi-Style Scheme, Targeted Elderly Victims
Byun Young-oh, CEO of South Korean crypto platform Wacon arrested for running Ethereum-themed cryptocurrency fraud of USD 366 million. He mostly targeted senior citizens for his Ponzi-style scheme.
Seoul, August 13: Cryptocurrency platform Wacon's CEO Byun Young-oh was recently arrested for running a Ponzi crypto scheme that scammed people, creating USD 366 million in the process. Byun Young-oh ran this crypto scam on his platform Wacon by promising higher returns on Ethereum to the investors, who were mostly elderly people.
According to multiple reports, Byun Young-oh, the South Korean CEO of Wakon, was the prime suspect in running this Ponzi crypto scheme with an accomplice named Yeom. Wacon, a platform that offered virtual products without requiring financial registration with authorities, targeted elderly citizens. What Is DDoS Attack That Disrupted Elon Musk-Donald Trump Interview Live Streaming on X Spaces?
Wacon CEO Byun Young-oh Nabbed for Crypto Fraud of USD 366 Million
The report mentioned that the senior citizens who were trapped in this scam were offered 45% to 50% returns on Ethereum deposits. According to reports, Wacon CEO Byun Young-oh was arrested for running the Ethereum-themed fraud and would face legal consequences. Byun and his partner Yeom targeted more than 500 senior citizens, encouraging them to invest in Ethereum and promising higher returns on their investments.
As per a post done on X by Mario Nawfal's Roundtable (@RoundtableSpace) account showing the details of the crypto fraud, the 500+ investors who fell prey to the scam expected higher returns. The reports said that the crypto Ponzi scheme was run through the company's MainEthernet service, which was highlighted as the company's secure wallet.
When investors tried to withdraw their crypto funds in the summer of 2023, they faced difficulties. Although these issues existed, Byun Young-oh assured the investors until November 2023, when the signs of collapse started becoming evident. MainEthernet's office signage in the upscale area of Gangnam District of Seoul was removed. Aviation Security Alert: Hackers Create Fake GPS Signals To Disrupt Commercial Airline Navigation Systems: Report.
The victims of this crypto scam were mostly people over 60 who were not aware of how digital currencies worked. Wacon CEO Byun Young-oh claimed to be innocent despite the many evidences and claims of the victims.
(The above story first appeared on LatestLY on Aug 13, 2024 12:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).