New Crypto Fraud Scheme In South Korea: What Rules Are in Place to Stop False Advertising?

Corner Up, a crypto platform in South Korea, has had high-ranking staff indicted for multiple cases of fraud in the market. 

The Ponzi scheme disguised as a crypto platform managed to acquire over $380 million USD for the CEO and other company staff. Corner Up was promising estimated returns of up to 200% to investors for each investment made. 

Targeting many individuals and organizations who are not specialists in the market, the scam company used false marketing and claims of partnership with extremely high profile names, including President of South Korea, Moon Jae-In as an ambassador. 

Crypto marketing is certainly an area of concern, with many large companies including Google and Facebook still limiting, or completing baning any advertisement that will ask viewers to invest, save or store assets with any particular company. 

Facebook has updated their terms, to ensure that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook.

They do however accept that with permission, companies or persons may advertise events, education, and news where no product or services are on offer regarding cryptocurrency. 

Around the world, there are many social media networks, search engines and powerful tools to market cryptocurrency. With fraud and countless scams continuing to happen, is there a need for more rules, or more education for the public?

Image via Shutterstock