South Korean police arrested 25 suspects in cryptocurrency fraud involving nearly $14 million

South Korean police have closed down a company suspected of cryptocurrency fraud, which is accused of defrauding 4,000 people's funds and arresting 25 people. The company is believed to have collected nearly $14 million in fiat and cryptocurrency from its customers, and the suspects have been detained on charges of fraud. A Daegu police officer said that the arrested included a "cryptocurrency developer" and "a responsible person of a multi-level sales company". A police spokesperson said that this group created a Token and promoted it through social media and other channels. The group has been active in the South Korean cryptocurrency field from August 2020 to June 2021.