PANews reported on May 15 that according to Yonhap News Agency, South Korea has smashed several fraud gangs that disguised themselves as investment experts and lured victims to invest in cryptocurrencies with high returns as bait. The gangs allegedly operated in a residential office complex in Incheon from June 2023 to April 2025 and stole a total of 730 million won (about 522,000 US dollars). These fraud activities are carried out by a well-structured team, including a mastermind, a team leader responsible for training and communication, and telephone customer service to contact victims. They operate fraud communities through telephone and social media to defraud funds.