A gang of 18 individuals has been arrested in South Korea for allegedly running a Ponzi scheme targeting elderly individuals and swindling them out of ₩32.8 billion (approximately $24 million USD). According to Edaily, the group lured approximately 1,400 victims, many with limited understanding of cryptocurrency, with promises of high returns. The scam, which ran from December 2023 to July of last year, involved enticing investors with claims of guaranteed daily commissions of 2% on Bitcoin and Tether investments through "large-scale mutual exchange." However, authorities discovered that the operation lacked any legitimate business activity. The scheme operated as a classic Ponzi, paying early investors with funds obtained from new recruits. Police have seized approximately ₩6.5 billion in criminal proceeds, securing the funds before the suspects face indictment. This case highlights the vulnerability of seniors to cryptocurrency scams and the need for increased awareness and education. ```