According to Foresight News, Byun Young-oh, CEO of South Korean company Wacon, has been arrested on charges of Ethereum-related cryptocurrency fraud. The Seoul Central District Prosecutors' Office will prosecute Byun and another suspect, Yeom, for fraud. Wacon's MainEthernet wallet service faced withdrawal difficulties in the summer of 2023. Prosecutors believe this is a multi-level marketing scam worth billions of Korean won, affecting approximately 500 victims, primarily elderly individuals. Byun had promised investment returns of up to 45% to 50% but has denied allegations of running a Ponzi scheme.