Korean Pig-Butchering Scam Arrested in Busan

A pig-butching syndicate was recently arrested by South Korean police.

According to Busan police, the syndicate posed as Koreans born in foreign countries and lured people into investing in cryptocurrencies and other assets on social media. The 84 victims, aged from 20 to 70, were defrauded of $9.3 million.

The gang also recruited young people in their 20s or 30s, asked them to travel to Cambodia or Laos from South Korea, and conducted fraudulent activities.

The scammers scammed victims on social media and chatted with them, encouraging people to invest in fraudulent crypto investment schemes or other assets.

Victims traded on the so-called financial assets in fraudulent websites provided by the scammers, investing funds ranging from 1 million won to 20 billion won.

These suspects also psychologically manipulate their victims. When these investment schemes are doubted, the scammers imply that the victims do not give trust.

When asked about investment returns, the suspects required additional fees, such as tax, before withdrawing the ‘returns.’

Busan police have arrested 20 members of the scam group since the case was reported in April.