Operation Midas Strikes Gold: South Korean Fraud Network Busted, $6.3M Saved
Operation Midas struck gold by dismantling a $6.3 million fraud network that tricked victims with fake online trading platforms. South Korean authorities nabbed 32 suspects and seized 20 servers, revealing that no actual stock trades were made—just a screen capture function used for espionage. Talk about a “stock” market crash!
Hot Take:
South Korea just gave a masterclass in how to turn fraudsters’ ill-gotten gains into fool’s gold. Operation Midas didn’t just unravel a scam network but also reminded us that even modern-day King Midases can find their touch turned against them when law enforcement is in the mix. Who knew fake trading platforms could be this riveting? Just goes to show you, the only thing that should be trading hands is a well-deserved pair of handcuffs.
Key Points:
- Operation Midas dismantled a $6.3 million fraud network in South Korea.
- 125 illegal online trading platforms were identified and shut down.
- The scam involved mimicking legitimate financial firms and using screen capture functions to steal from users.
- 20 servers were seized and 32 individuals were arrested, including developers and infrastructure managers.
- K-FSI published a detailed report in Korean about the operation in April 2024.