South Korean Police Crack Down on GCV Crypto Scam

Bittime - A wave of crypto fraud has once again come under scrutiny in South Korea. This time, local police have successfully cracked down on the perpetrators' network.GCV crypto scamwhich has harmed hundreds of people.

The method used is unique and deceptive, namely selling fake tokens called Golf Cart Victoria (GCV kripto)with the promise of being able to exchange it for golf memberships in various Asian countries.

Behind these sweet promises, hidden practicesGCV crypto scam investmentwho stole billions of won from the victims.

Police Uncover GCV Crypto Fraud

The case was uncovered after a year-long investigation. South Korean police confirmed that three key suspects had been arrested and all evidence had been collected.

The perpetrators are suspected of fraud129 victimswith the loss value reaching5.7 billion wonor around4.3 million US dollars.

Ironically, the GCV tokens promoted as a golden opportunity in the golf membership space turned out to be virtually worthless.

Police said the actual value was only around1.4 billion won, far from the claims made by the perpetrators. In other words, the promise of profits is merely a trap to drain public funds.

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A sweet promise that becomes a trap

In their offer, the GCV crypto scammers promised that anyone who purchased the tokens would automatically have exclusive rights to access golf courses across Asia.

This concept has tempted many people, especially those who are fans of golf.

However, the promise was merely a cover. Not a single golf membership actually materialized. The money the victims invested actually went straight into the perpetrator's pockets.

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Recovery Efforts and Police Firm Stance

Following the arrests, police stated they would continue to investigate the flow of funds from these crimes. The goal is clear: to help victims recover some of their losses.

This step shows that the authorities in South Korea are increasingly serious about dealing with the rise ofGCV crypto scam in South Koreaand other forms of digital asset fraud.

This case adds to the long list of crypto crimes currently attracting government attention. With the increasing popularity of digital assets, criminals are becoming increasingly creative in finding loopholes to trap the public.

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Wave of Crypto Scams in South Korea

Recent data shows that crypto fraud cases in the ginseng country continue to increase sharply.

In the first seven months of 2025 alone, more than420 cases of phone-based crypto fraudor voice phishing. This figure increased drastically compared to the same period the previous year, which only recorded 64 cases.

The scams take various forms, from impersonating government officials to bogus investment offers promising large returns. Many victims fall prey to a lack of knowledge about how digital assets work.

This phenomenon confirms that cybercrime in the crypto world is not only about financial losses, but also about the loss of public trust in the crypto ecosystem itself.

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FAQ

What is GCV crypto scam?

The GCV crypto scam is a fake investment using Golf Cart Victoria tokens that promise to be redeemable for golf memberships, but have no real value.

How much did the GCV crypto scam in South Korea cost?

A total of 129 victims suffered total losses of around 5.7 billion won or 4.3 million US dollars.

Who was arrested in this case?

South Korean police have successfully arrested three main suspects who are suspected of being the main perpetrators of the fraud.

How did the police handle this case?

After a year-long investigation, police gathered evidence, arrested the perpetrator, and traced the flow of funds to try to recover the victims' losses.

What are the lessons from the GCV crypto scam investment?

People should be wary of investment offers that seem too good to be true. Always check the legality and actual benefits before investing.