South Korean police have arrested two suspects for allegedly defrauding an elderly person out of 5.5 billion won (approximately $4.1 million) in cryptocurrency, CryptoPotato reported. The two suspects, aged in their 20s and 30s, were detained by the Haeundae Police Station in Busan. According to reports, the two suspects defrauded victims into investing in crypto assets between September and December 2022, using 70% of monthly profits as bait. The victims transferred a total of 5.5 billion won in six transactions. However, Busan authorities said the victims’ funds did not enter any legitimate cryptocurrency trading accounts. Victims also received forged asset balance certificates and false real estate contracts to further conceal the fraud. It's unclear whether the stolen funds have been recovered.