South Korea Arrests Crypto Scammers Behind $4.1M Fake Airdrop Scheme

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By BlockFlowAug 28, 2025

South Korean police arrested three suspects in a $4.1M crypto scam, where victims were lured with fake airdrops and a worthless token called GCV.

According to the Gyeonggi Southern Provincial Police Agency, the group created a token called GCV (Golf Cart Victoria) between December 2023 and June 2024 and lured investors with false promises. They claimed buyers would receive golf course memberships in Asia if they purchased the coin at different price levels.

Investigators said the scheme targeted victims through mass text messages, falsely informing them that they had “won an airdrop.” The suspects then directed victims to download a fake mobile app for GCV transactions, where they issued coins valued at only about 1.4 won each, which are effectively worthless.

In total, the group defrauded 129 victims out of approximately 5.7 billion won (US$4.1 million). The operation was led by a man in his 50s, supported by two accomplices in their 40s who managed bank accounts and finances. The group even set up an office and hired telemarketers to appear legitimate.

Victims began reporting the fraud last July, prompting the National Police Agency to assign the case to the provincial investigation unit. After nearly a year of financial tracking and evidence gathering, police arrested the suspects and secured testimony from the victims.

Authorities said efforts are underway to trace the stolen funds and recover damages. A police spokesperson warned the public to be cautious of unsolicited investment offers via phone or social media, stressing that such schemes are often fraudulent.

South Korea Crypto Scammers airdrops