[South Korean Gwangju Police Bust Virtual Asset Investment Fraud Ring: Targeting Elderly Aged 70-80, Defrauding Approximately 500 Million KRW] BlockBeats News, on August 18, the Cybercrime Investigation Unit of the Gwangju Police Department announced the detention and transfer of three individuals, including a suspect identified as A (in their 60s), on charges of fraud and other offenses. The group is accused of defrauding over 100 elderly individuals aged 70-80 of a total of approximately 500 million KRW under the guise of virtual asset investment from November 2024 to recently. Investigations revealed that the group set up offices in Seoul, Gwangju, and Gunsan, North Jeolla Province, and conducted in-person seminars, deceiving elderly individuals unfamiliar with virtual assets with false promises such as "guaranteed principal" and "profits exceeding 10 billion KRW." The police began their investigation in March this year, using a seminar held in Gwangju's Seo District as a lead. By tracing financial transaction flows, they apprehended the suspects one by one. Authorities believe there may still be undiscovered victims and are expanding the scope of their investigation. They also urge the public to remain cautious of investment schemes promising guaranteed principal and high returns.