Cryptocurrency, Featured

XRP’s Phishing Scam, South Korean Police Arrests Culprits for Cryptocurrency Fraud

Cryptocurrency scams have been increasing at an alarming rate and many investors are falling into the trap of fraudulence. On September 14, police in Seoul have arrested two people on the suspicion of cryptocurrency-related fraud. A joined investigation with the FBI police led to the culprits who have supposedly acquired a huge amount of money through the scam.

The agencies say that they unearthed a phishing scam that points out that the fraudsters have robbed USD 800,000 worth of Ripple (XRP). They lured the South Korean and Japanese cryptocurrency investors to invest in their website.

Time and again, the watchdogs have alerted the investors not to fall for lucrative deals that promise to make easy money. The reports suggested that the emails forwarded to investors redirected them to illicit websites. The culprits convinced the investors to add their personal info, id and password thus using the info to access the accounts.

The officials found out that one of the people is an office worker who was involved in the cryptocurrency scam. The accused allegedly a mastermind sent emails to Russian and Japanese investors, claiming their funds had been frozen. He allegedly deceived 24 South Koreans and 37 Japanese investors.

The police caught the alleged culprits and the investigation is progressing. However, cryptocurrency being independent of the central bank, there is no positivity that the investors will get back the amount. As stated by Cryptonews, the accused is said to have transferred the amount and is apparently living in a lavish accommodation and an extravagant lifestyle.

Meanwhile, the ripple (XRP) holders are getting frustrated as it is losing value in the crypto market. Ripple value has declined drastically in the market and is losing its grip. This decline has forced the holders to wonder if they have made the right choice in investing in ripple (XRP), as published by Ethereum World News.

While on one hand, S Korean and Japanese investors have been robbed a huge amount of ripple assets and on the other investors are sulking. Overall, the concept of cryptocurrency is garnering negative criticism although it’s venturing into new markets.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Divya Pandit is a copywriter as well as a content writer, and she specializes in writing blogs, product descriptions and articles. Working in an entertainment company as a content editor has more than 2.5 years of experience. A writer by day and a reader by night has a flawless writing skill and loves to pen her thoughts in words.

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