Tech bots seize crypto Ponzi’s Gangnam pile

A Seoul government investigative unit has reportedly used artificial intelligence software to break up an alleged $19 million cryptocurrency-focussed pyramid scam that was based in the capital’s upmarket Gangnam district.

According to the Joong Ang Daily, the Seoul Special Judicial Police Bureau for Public Safety this week arrested the alleged ring leaders of the illegal “M-Coin” cryptocurrency exchange and members-only shopping website.

The Bureau, a civil service unit formed in 2010 to investigate counterfeiting but now empowered with digital forensics in order that it can also pursue online crime, claims M-coin recruited members for annual fees of between $300 and $900.

While promising discounts on hotels, entertainment and lifestyle products and shopping, M-coin also offered supposedly ever-increasing bonuses to members as they recruited more and more new people to the network. ..Read more..

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