South Korean Crypto Consultancy Firm ‘Duped Elderly Investors out of $7.5m’
South Korean crypto controversy continues as police announced the investigation of a firm linked to a gaming coin.
Officers think company officials tricked a group of people in their late 50s and 60s by tricking them into paying for “insider crypto tips.”
Per Chosun Ilbo, police in Seoul’s Jongno District said on March 4 that they were investigating three employees of a company identified only by the letter “S.”
Police officers think the officials told investors they could buy an altcoin named Ludena Protocol (LDN) for discount prices.
They allegedly did this at a time when the coin was listed on the Coinone exchange.
The project behind the coin says it envisions a “creative metaverse with Play-to-Earn games, an NFT marketplace, and a staking platform.”
LDN coin prices spiked at the end of 2022, shortly after the token’s launch. In early 2023, the token’s price tumbled, bottoming out at fractions of a dollar mid-last year.
CoinMarketCap noted on its Ludena Protocol that its team has “not verified the project’s circulating supply,” adding:
“According to the project, its self-reported CS is 442,925,000 LDN, with a self-reported market cap of $0.00.”
The Ludena Protocol website, has not been updated since March 2023, while an associated X (Twitter) account was last updated in mid-2023.
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