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Three people in South Korea were arrested for allegedly defrauding $4.1 million in Memecoin under the pretext of golf club memberships.
According to a report by News1, the police in Gyeonggi Province, South Korea, arrested and prosecuted three suspects on August 28, 2025, who were allegedly involved in a cryptocurrency scam that defrauded approximately 5.7 billion won (4.1 million USD) from 129 victims. The gang is accused of creating a memecoin called GCV between December 2023 and June 2024. They allegedly lured investors to invest in the coin with false promises of membership in Asian golf courses.