ChainCatcher news, according to News1, the police in Gyeonggi Province, South Korea, arrested and charged three suspects involved in cryptocurrency fraud on August 28, 2025. The scam defrauded approximately 5.7 billion won (4.1 million USD) from 129 victims. The group is accused of creating a meme coin named GCV between December 2023 and June 2024.

It is alleged that they lured investors to invest in the coin with false promises of membership in Asian golf courses.