[South Korea Gwangju Police Uncover Virtual Asset Fraud Case, 3 Suspects Arrested] Deep Tide TechFlow reports that on August 18, according to Yonhap News Agency, the Cyber Crime Investigation Unit of the Gwangju Police Department arrested and transferred three suspects, led by A (in their 60s), on charges of setting up offices in Seoul, Gwangju in South Jeolla Province, and Gunsan in North Jeolla Province starting from November 2024. They allegedly used false promises such as 'guaranteed principal' and 'profits of hundreds of billions of Korean won' to lure over 100 elderly individuals aged 70 to 80 into investing in virtual assets, amassing approximately 500 million Korean won in fraudulent gains. The police stated that there are likely undisclosed victims and are currently expanding the investigation. They also reminded the public to remain vigilant against investment offers promising guaranteed principal and high returns.