The South Korean government warned people not to attend cryptocurrency meetings in the midst of fears about Covid, but also that residents should be aware of the potential dangers of misrepresentation at crypto-social events.
Per Segye Ilbo, various “meetings with instructions on speculation” related to the cryptocurrency have been held recently.
One case appears to have involved a meeting organized by an “unregistered transactional organization” called the Muhan Group. This firm has all the signs that it’s done a little bit of work, a chess demonstration (MLM) like Onecoin, which supposedly uses cryptoassets. A month ago, a huge meeting of financial experts attended the Muhan Group event in the Kwanak district of Seoul, and local authorities claim that 83 positive cases were considered at the meeting.
After several months of complete absence of infection, Covid specimens are common in South Korea. The administration responded by imposing social exclusion rules and requiring schools not to operate.
A source of news quoted isolates experts who expressed:
“This has all the features of an organization related to cryptoassets. Please do not go to meetings related to venture capital”.
An equivalent source of news quoted the country’s Chief Financial Controller, the Financial Services Commission, which repeated the notification by stating:
“Persons from the general population should stay at home as far as is reasonably expected in accordance with the rules of prevention COVID-19 – and refrain from attending small meetings and briefings related to speculation”.
The Commission has also uncovered information indicating that extortion of cryptocurrency – or misrepresentation of facts under the name of cryptocurrency – is clearly gaining in popularity in South Korea. A year ago, 92 cases of MLM and cryptocurrency tricks were reported, more than twice as many as in 2018, when there were just over 40.
The Commission also cautioned people to be careful with organizations offering commissions for attracting new people to their projects or “providing” high payments at speculative rates – excellent methodologies for attracting MLM.