An Internet café, called Mt. Baekdu Café, is accepting complaints from victims of financial scams, including cryptocurrency frauds.
The site boasted of 50,000 members. It allows victims to post their cases. The site collects cases of frauds by the amount of financial loss. The case one is the loss amount of more than one trillion won. Case two is the financial loss of more than 100 million won. Case three is the loss of less than 100 million won.
The site operator, whose identity is yet to be identified, said, “We are helping the victims free of charge for lawsuits. Victims are asked to pay only postal service fees.”
The site is open to all victims of financial frauds, but many of complaints are related to victims who claim that they were unable to redeem their investment in cryptocurrencies.
Many victims reportedly invested money in electronic currencies at the recommendation of multi-level marketers. U Token victims claimed that they bought the cryptocurrency, which is alleged to originate from Thailand and is the electronic currency issued by China’s Alibaba. Multi-level marketers enticed investors by trumpeting that its value would gain 3 percent daily. Higgscoin victims complained that they bought the cryptocurrency alleged issued by a Chinese state-run bank. U Token and Higgscoin victims claimed that their collective loss exceeded 100 billion won, respectively.
Buyers of more than 40 cryptocurrencies, including GevCoin and Shinil Gold Coin, reported their collective loss is around 100 billion won.
Investors are curious about the Internet café, which appears on South Korea’s largest Internet portal Naver. They suspect lawyers are running the café to represent victims.
