TechFlow news: Byun Young-oh, CEO of South Korea's Wacon company, has been arrested on suspicion of defrauding investors in an Ethereum-related cryptocurrency scheme. The Seoul Central District Prosecutors' Office will indict Byun and another suspect, Yeom, on fraud charges. Wacon's MainEthernet wallet service encountered withdrawal issues in the summer of 2023. Authorities believe this was a multi-level marketing scam worth hundreds of billions of won, with around 500 victims, mostly elderly individuals.
Byun had promised investment returns as high as 45% to 50%, but denied allegations of running a Ponzi scheme.




