South Korean police probe social media crypto scams

Police in South Korea have launched an investigation into a series of crypto investment scams after receiving multiple complaints from victims who were allegedly defrauded by individuals they met on social media, Yonhap News reported. The complainants claim they were persuaded to invest in crypto by people they met online, who then disappeared after receiving the funds. According to the cyber investigation division of the Gyeonggi Nambu Provincial Police Agency, four such complaints had been filed by the end of March, with total alleged damages amounting to approximately 1 billion won ($740,000).