South Korean police use AI to bust $19M Bitcoin-fuelled pyramid scam


South Korean police have caught the masterminds of a Bitcoin-fuelled Ponzi scheme responsible for generating almost $19 million in revenue. The scam, called “M-Coin,” is said to have targeted those with poor understanding of the technology – mostly elderly people, retirees, and housewives – with promises of free cryptocurrency and recruitment bonuses for signing up others, reports Korea Joon Gang Daily. The Seoul Special Judicial Police Bureau for Public Safety, which acts independently of local police, arrested the CEOs of “a Bitcoin enterprise” and an online store over their part in the scam last week. Ten other recruiters were also arrested.…

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