South Korean authorities have taken action against a suspected cryptocurrency scam, shutting down a company and arresting 25 individuals. The firm is accused of defrauding around 4,000 people and accumulating nearly $14 million in fiat and cryptocurrency. The group, which includes a cryptocurrency developer and the head of a multi-level sales company, allegedly created a coin that was promoted through social media and a network of sales companies. They enticed victims by promising significant profits if they invested in the coin before it was listed on a domestic exchange. Although the token itself appears to be legitimate, the claims made about it were likely false. The police investigation has already seized over $7.3 million of the group's funds, and charges have been filed against a crypto exchange executive. Authorities have warned the public about the increasing collaboration between cryptocurrency developers and multi-level sales firms, urging caution when investing in the volatile market. This incident follows previous cases of crypto scams in South Korea, including one that targeted young women and another that preyed on housewives and office workers.
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