In South Korea, authorities have captured two individuals involved in a cryptocurrency scam that defrauded a senior citizen of $4.1 million (5.5 billion won) by promising lucrative crypto investments.

The Haeundae Police Station in Busan, South Korea, arrested two suspects, aged in their 20s and 30s, for tricking a senior citizen into transferring 5.5 billion won through various transactions.

As per local sources, the victim was assured significant profits from cryptocurrency investments from September to December 2022. The scammers pledged a 70% return on a monthly investment of 1 billion won, claiming, "Investing now will yield 1.7 billion won in a month."

The victim fell prey to the scheme and sent a total of 5.5 billion won across six transactions to the fraudsters, who fabricated false balance statements to feign investment activity.

Throughout the deception, the victim was presented with counterfeit crypto investment reports and property agreements. The fabricated balance sheet indicated holdings of 20 billion won in cryptocurrencies, despite none of the victim's funds reaching any crypto trading platform.

Although the police have apprehended the culprits promptly, details regarding fund recovery remain undisclosed at this time.

In related news, South Korea's well-known crypto figure Do Kwon, co-founder of Terraform Labs, was reportedly released from detention in Montenegro on March 23 amidst extradition requests from the US and South Korea. Kwon faces legal issues related to the 2022 crash of TerraUSD and LUNA ecosystems. Prison director Darko Vukcevic mentioned that Kwon's release was due to the completion of his standard prison term for using false documents while traveling. Further actions regarding his case will be handled by the police directorate for foreigners following an interview.

The decision to release Kwon reportedly stems from the Council of the Supreme Court's pending review on whether to approve or reject his extradition back to South Korea.