--- description: A South Korean CEO, at Wacon, Byun Young-Oh, was recently apprehended over a crypto scam running into $360 million. title: South Korean CEO Arrested Over Alleged $366M Crypto Scam - UPay Blog image: https://blog.upay.com/wp-content/uploads/2024/08/pikaso_texttoimage_A-befitting-c-4.jpg --- [Skip to content](#content) # South Korean CEO Arrested Over Alleged $366M Crypto Scam * [ Chinedu Agbakwusi ](https://blog.upay.com/author/chinedu/) * [ August 12, 2024 ](https://blog.upay.com/2024/08/12/) * 11:52 pm * Categories: [News](https://blog.upay.com/category/news/) ![](https://blog.upay.com/wp-content/uploads/2024/08/pikaso_texttoimage_A-befitting-c-4.jpg) In a striking development, the South Korean Chief Executive Officer (CEO) at Wacon, Byun Young-Oh, has been arrested over an alleged $366 million crypto scam. Interestingly, the fraud scheme was massive, resulting in $366 million in financial losses for over 500 individuals. ## Details of The Crypto Scam Scheme Per a [local news outlet, iNews24](https://m.inews24.com/v/1751744), Byun Young-oh developed a Ponzi scheme disguised as a legitimate investment outlet. The culprit was said to have pulled the deceitful idea with an accomplice named Yeom. They both partnered to run the alleged scam centered around Ethereum investments. MainEthernet, Wacon’s wallet service, convinced investors that their Ethereum deposits were safe and would yield incredible returns, ranging between 45% to 50%. Like many scams, the prospect of mouthwatering returns attracted many investors. Elderly market participants were targets of the dubious business, considering their lack of experience in crypto-related deals. ## Problems Broke out in 2023 Unfortunately, in mid-2023, the wallet service began experiencing withdrawal difficulties, resulting in growing concerns among investors. However, Byun assured them that all was fine, adding that the platform would resume operations within four months. The promise remained unfulfilled as MainEthernet went off the radar in November 2023\. The scam became more glaring with the removal of the company’s signage, initially situated in Seoul’s Gangnam District ## Police Involvement Meanwhile, the Seoul Central District Prosecutor’s Office has charged Byun and Yeom with fraud, with trials expected to commence soon. Investigations are ongoing to identify other victims or accomplices involved, as this would further intensify the case, ensuring that the fraudsters receive the full effect of the law. [See also Bybit Web3 to Shut Down NFT and Inscription Marketplaces in April](https://blog.upay.com/bybit-web3-to-shut-down-nft-and-inscription-marketplaces-in-april/) The Walon wallet scam is [one of many scams](https://blog.upay.com/chinese-authorities-crack-down-on-a-300-million-crypto-scam-arresting-six-suspects/) that have impacted South Korea so far. It is unsurprising owing to the size of the country’s cryptocurrency market. Like previous scams, this recent fraud will lead to stricter regulations by authorities, aiming to protect investors from similar future occurrences. ![Chinedu Agbakwusi]() [Chinedu Agbakwusi](https://blog.upay.com/author/chinedu/) Chinedu Agbakwusi is a crypto enthusiast and writer who has devoted quality time to sourcing, reporting, and following up on trends in the crypto space. Aside from reporting news, he is also a medical student pursuing an MBBS degree. **Disclaimer:** This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions. [ ![](https://blog.upay.com/wp-content/uploads/2024/02/telegram-cloud-document-4-5920287456015424461-1024x1024.jpg) ](https://upay.best/partner) [ ](https://upay.best/) [ ](https://twitter.com/UPayOfficial%5FEN) [ ](https://t.me/UPayOfficial) ## Subscribe to our Newsletter ## Join our community and stay up-to-date with the latest news, updates, and exclusive offers by subscribing to our newsletter. Enter your email address below to receive our monthly newsletter directly to your inbox. 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