Golden Finance reported that a South Korean man in his 30s was arrested by the South Korean police for defrauding 250 million won (about 187,000 US dollars) by using cryptocurrency mining investment as bait. According to the Ulsan Southern Police Station, the suspect A defrauded investment funds by promising 3 to 4 times high returns to members of interest groups from May 2021 to May this year. The investigation found that A did not use the funds for mining business, but used them to repay personal debts, wedding supplies and living expenses. At present, A has been arrested by the police and the case will be transferred to the prosecution.