According to ChainCatcher, a South Korean man in his 30s was arrested by South Korean police for defrauding 250 million won (about 187,000 US dollars) by using cryptocurrency mining investment as bait.

According to a report from 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 it 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 prosecutor's office for handling.