Police arrested the CEO of the Coinup cryptocurrency exchange last Friday for defrauding several thousands of investors through cryptocurrency scam.

The CEO, surnamed Kang, had falsely advertised that investors would get a return of 50 percent in a week once they invest in its World Bank Coin before its listing on multiple cryptocurrency exchanges both at home and abroad.

He had initially paid the promised 50 percent return to investors, apparently to gain trust. He even used President Moon Jae-in’s photo to mention his close ties with Moon. He has no relations with Moon whatsoever.

The arrest came days after the police raised Coinup’s Seoul office. The police would soon issue a warrant for frauds, illegal deposit-taking business, and unlawful home-to-home visit marketing.

 

 

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