Busan's Haeundae Police Station has snagged a shifty duo who allegedly swindled a senior citizen out of a whopping $4.1 million with a bogus crypto investment scheme.

Luring the victim with visions of riches, these millennial moneylenders promised a guaranteed 70% return in just four weeks! Using sweet talk and empty guarantees, they convinced the 60-year-old to invest a small fortune, bilking them out of 5.5 billion won in multiple transactions.

Sweet-talking Swindlers Spin a Web of Lies

The scam unraveled between September and December of last year. The perpetrators preyed on the hype surrounding crypto, promising unbelievable returns to lure the victim in. Their pitch? Invest 1 billion won and watch it magically multiply to 1.7 billion won in a month – a surefire recipe for disaster.

The police apprehended one suspect in his 20s on fraud charges, while his partner-in-crime, a man in his 30s, faces aiding and abetting charges but avoided detention for now.

Fake Riches, Real Thefts

These tech-savvy swindlers weren't exactly tech giants themselves. Despite having meager holdings, they cooked up phony documents – balance certificate forgeries – to project an image of vast wealth, boasting a fake portfolio of 20 billion won in crypto.

They even fabricated a story about a wealthy 30-year-old real estate agent (surprise, surprise, it was also a lie) who supposedly pledged a 4 billion won investment. This elaborate web of deceit ultimately led to the heartbreaking loss for the unsuspecting victim.

Untangling the Web of Deceit

The investigation exposed the complex nature of the scam. Fake documents and irresistible offers were the bait used to reel the victim into massive crypto investments that never delivered the promised windfall. However, there's no word yet on whether the stolen funds will be recovered.

Crypto Collapse Continues to Haunt South Korea

This incident comes amidst the ongoing fallout from the $40 billion Terra ecosystem collapse. Do Kwon, the mastermind behind the failed TerraUSD stablecoin project, was recently released from prison in Montenegro. He's facing extradition requests from both the US and South Korea on charges of fraud and tax evasion. While Kwon denies any wrongdoing, his trial in a Manhattan federal court is set to begin soon, though he won't be attending in person.