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South Korean defrauded 2 million Euros worth of Bitcoin

South Korean defrauded 2 million Euros worth of Bitcoin

If today you have a Bitcoin and someone from the blues offers you an equal amount in cash terms for exchange. Sweet deal isn’t it? Well, this is a situation in which a certain South Korean found himself dating back to July. The victim fell into the corn trap when he accepted to trade his Bitcoin worth 2 million Euros (2.3 million usd) for cash. The trading with the scent of affluence went down in a luxury hotel on the French Riviera.

Initially, the men came in claiming they had an interest over investing in the South Koreans company. This was not the case either. The South Korean later found himself in a transaction that would see him transfer his Bitcoin to a foreign account in exchange for cash.

Like any other mogul would want to run his/her businesses towards the profit margin, the South Korean without a second thought, decided to test the depth of the waters with both feet by accepting the proposition of  the Serbian buyer. Reports have it that the South Korean has a company specialized in cryptocurrency in Singapore hence the interest of the smiling fraudster.

Hardly had the transaction come to a closure in Nice, when the South Korean realized the 500 Euro notes that had been handed were crude, fake, dummy and photocopied the police told the AFP.

This is when the heartbroken victim took a step to file a criminal complaint. Without hesitance, the supportive police conducted an investigation into the matter. The Serbians d day came end of July when he was arrested. This was at the top end hotel in the Glitzy town of Cannes in the south of France. Not frightened, the corn has a luxurious vehicle, lives a high life with a watch worth 100,000 Euros suggesting his account balances.

The corn appeared before the court and charges laid on his back were fraud and being part of an organized network. Later, the judge ordered for his lock down. The tireless police moreover are still digging into the matter in search for the all round chain.

This comes at a time when France is celebrating Bitcoins 10th birthday this went down on Sunday Aug 19,2018 with its authorities embracing the Bitcoin with the tag “here we accept Bitcoin” having labeled it at every door step. The authorities are however vigilant on defrauders.