If you’re thinking of recruiting members for a Ponzi scheme in South Korea, avoid using terms like ‘recruiting members’ and ‘Ponzi’ too much. Two crypto fraudsters known only as Lee and Bae were arrested last Thursday after investigators were alerted by an AI program trained to pick up terms like those. The two men were thought to have profited $18.7m from the scheme, Korea JoongAng Daily reports.
The scheme had affected around 56,000 people over at least six months, according to the Seoul Special Judicial Police Bureau for Public Safety. Most of the victims seem to have been targeted because of their limited understanding of cryptocurrency. Investigators said the majority were between 60 and 80 years old.