Kimchi Premium Scammers Finally Busted In South Korea

A crypto fraud ring that was known as the Kimchi Premium scammers, was finally arrested in South Korea after promising high returns as they took advantage of the so-called kimchi premium so let’s read more about it in today’s cryptocurrency news.

The alleged kimchi premium scammers center stemmed from the North Jeolla Province in the southwest of the country where more than 470 victims seem to be sucked into the scam with the police estimating a total of $1.87 million was invested. The North Jeolla branch of the National Police Agency’s Cybercrime Investigation Unit announced that it arrested three people including a man in the 50s on charges of violating fraud and economic crime-related acts.
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Officers said that it started to investigate after getting more than 38 complaints and found that the company thought to be at the center of the scam was a ghost company with no-real world physical presence.

The police added that the investors were told they should expect higher returns of 15-20% on the stakes guaranteed in three days. The scammers also posted screenshots of what seemed to be chat app messages from the masterminds that wrote the minimum stake for the investors was about $128 adding that the scheme involved staking on the domestic crypto exchanges like Bithumb and Upbit. The alleged fraud seems to have started in April this year when the crypto buys were on the rise in the country and the prices on major domestic platforms hit levels that were not seen on global exchanges.

The kimchi premium phenomenon involves sudden increases in South Korea and the trading volumes and spikes in demand for crypto assets which increased in excess of the global average on the trading platforms. This means that buying coins for fiat became more expensive on the South Korean platforms like Bithumb and Upbit rather than on the international exchanges. The Kimchi premium made a strong comeback in the recent days with the crypto prices on the march with assets like BTC seeing a 3% increase rather than platforms such as ByBit and Binance.

The South Korean customs services were looking to crack down on the kimchi premium traders with many of whom wanted to buy coins in the over-the-counter trades in China and dump them on the domestic platforms so they can trade them for cash at higher prices. A number of offenders were fined or prosecuted for these offenses last year which officers vowed to step up their monitoring efforts.