Coin value increases through bicycle trading… 75,000 people’s investment worth 100 billion won stolen

A group of people who increased the value of cryptocurrency (coin) through bicycle trading and then lured investors and stole a large amount of money was handed over to the Public Prosecution Service.

The Chungbuk Police Agency's Anti-Corruption and Economic Crime Investigation Unit announced on the 10th that it had arrested two leaders, including Mr. A, on charges of violating the Specific Financial Information Act and the Similar Receiving Act and sent 84 accomplices without detention.

Mr. A and others are suspected of stealing 108.4 billion won from about 75,000 investors between September of last year and September of this year.

It was found that they raised funds by deceiving investors by telling them that if they invested in the coins they issued, they would return a profit of more than three times the amount invested a month later.

After listing real coins on Malaysia's virtual asset exchange, they lured investors by inflating trading volume and price through side trading using bots.

With 153 employees in 51 branches nationwide, they are known to have attracted investors from overseas by holding investment briefing sessions.

The police are also tracking the rest of the gang.