The police have detained a suspect in an alleged cryptocurrency scam in Jeju. Here’s Joseph Kim to explain the case.

Cryptocurrency is a kind of virtual currency or alternative currency.

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Investors seek short-term profits in cryptocurrency

Since bitcoin, one of the cryptocurrencies, was created in 2009, a number of cryptocurrencies have appeared.

Some investors are buying the cryptocurrencies for short-term future profit as the value of some virtual currencies skyrockets in a short period of time.

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Police detain suspect in alleged cryptocurrency scam

The police have detained a suspect in his thirties in an alleged cryptocurrency scam.

He attracted investors saying that he would help them buy cryptocurrencies.

According to the police, the cryptocurrency broker, surnamed (박) Park, attracted 60 investors and helped them buy an unlisted cryptocurrency.

He used the investors’ expectations of a rapid increase in value of the currency once it goes public.

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Park mediated deals to exchange 400 ethereum coins which were valued at about 400 million won with 400,000 unlisted wow bitcoins.

The problems began here.

Park intercepted all of the coins and disappeared.
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Police recover stolen coins

Park tried to get out of suspicion by arguing that he forgot the verification code in the virtual space.

Through diligent investigations, all of the coins, that went through money laundering several times, have been collected.

INTERVIEW
Kim Min-ho / Investigator, Seogwipo Police Dept.
Recently, most of these case have involved victims being scammed out of their money through bogus cryptocurrency investments or purchases. This case is unusual in that it involves the perpetrator stealing the cryptocurrency, itself.
<인터뷰 : 김민호 / 서귀포경찰서 수사과장>
"최근 암호화폐와 관련된 범죄는 암호화폐 투자나 판매 명목으로 피해자들을 속여 거액을 편취하는게 대부분이나 이처럼 암호화폐 자체를 편취한 경우는 특이한 사항입니다."

The police returned the intercepted coins back to the victim investors. However, the victims missed genuine investment opportunities.

INTERVIEW
Victim
When “wow bitcoin” was first listed, 400,000 coins were valued at 600 million won. The value has recently dropped to one tenth or one fifteenth of that. If I had received the coins at the right time, I could have made some money by immediately selling them.
<인터뷰 : 피해자>
"그 때 (첫 상장) 당시 금액으로는 (와우비트코인 40만개가) 6억 원 정도로 했고요. 최근에 많이 떨어졌는데 10분의 1조각, 15분의 1조각이 났어요. 제 때만 받았으면 바로 팔아서 수익을 만들었을 텐데..."

[Reporter] Joseph Kim
[Camera] Kim Yong-min

The police have detained the suspect on fraud charges and are tightening up their investigations into cryptocurrencies.

Joseph Kim, KCTV