South Korean police are probing a possible $8m crypto scam – after a group of 40 alleged victims complained they were tricked into buying a potentially worthless or non-existent cryptoasset.

According to Chosun Ilbo, the case was brought to the police’s attention by the group’s lawyers – from the Seoul-based firm For You Law. The alleged scammers, the law firm claimed, attempted to dupe victims by posing as a “loss compensation team” that caters to people who have suffered financial losses.

The group allegedly told individuals they could recoup their failed investments by buying their own unlisted cryptoasset, named Epay Coin.

(By Tim Alper)