Wacon CEO has been detained for masterminding the large-scale cryptocurrency scam which scammed over 500 investors.
Byun Young Oh, CEO, and Yeom (an accomplice) orchestrated a Ponzi style scheme via a platform named MainEthernet.
Wakon, You can find out more about it here. reportedly Has about 12,000 participants, and is suspected to be operating as a Ponzi Scheme or Multi-Level Marketing Campaign. It offers virtual currency betting products including tipping, mainnet business, and other businesses without being registered with the financial authorities. The company has offices in South Korea.
The scamMany of them were promised interest rates between 45% and 50% on their Ethereum ( Many were offered interest rates of between 45% and 50 % on their Ethereum.ETH) deposits.
Scam details
Investors were lured by the platform’s promise of lucrative and secure returns. Nevertheless, it was reported that by the middle of 2023 investors could not withdraw their money.
Byun, despite these fears, assured investors that all issues would be resolved in a matter of months. Signs of MainEthernet’s impending collapse were evident by November 2023 when the office’s signage in Seoul was removed.
Byun Yeom and Seoul Central District Prosecutors’ Office have both been accused of fraud. It is anticipated that the case will go on trial in the near future.
Prosecutors continue to probe the scope of this scheme in order to identify potential victims and accomplices. Byun denies involvement in any Ponzi schemes, and claims ignorance of these structures. The investigation is still ongoing.
Local media Cheonji Daily The following are some examples of how to get started: iNews24 This report was a great help.
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Source: crypto.news
