South Korean Police Arrest Volunteer Group Behind $26.9 Million Crypto Scam

A group of individuals posing as volunteer members have been arrested in South Korea for operating a cryptocurrency investment scam that swindled over 40.9 billion won ($26.9 million) from 436 people.

The suspects, who belonged to an organization called the 'Brilliance Team,' created social media accounts with stolen profile photos and falsely introduced themselves as volunteer group members.

They earned victims' trust through regular contact, analyzing each victim's wealth and influence within their community to identify promising targets.

The group promised unusually high returns of over 1,000 percent by investing in AIXT, a temporarily listed cryptocurrency with unclear regulatory status. However, the trading for AIXT was abruptly terminated without notice, leading the suspects to shut down all branches and go off the grid.