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Tech company CEO arrested in $366 million crypto scam

South Korean CEO Byun Young-oh was arrested for allegedly running a $366 million Ponzi scheme through his cryptocurrency platform, Wakon. The scheme, targeting elderly citizens with promises of high returns on Ethereum deposits, collapsed in mid-2023. Prosecutors are investigating and have charged Byun and his accomplice Yeom with fraud, uncovering additional victims and accomplices.
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