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Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi

Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi

Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi

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A special South Korean investigative agency in Seoul has successfully used Artificial Intelligence (AI) to unravel a cryptocurrency Ponzi scheme that defrauded 56,000 people of more than $18.7 million.

The fraudsters targeted people who had little to no idea of how cryptocurrency worked and lured them in with juicy bonuses and free cryptocurrency, the Korea Joongang Daily reports.

Following the arrest of 12 people behind the scam, the Seoul Special Judicial Police Bureau for Public Safety revealed that the vast majority of the fraudulent scheme’s victims were elderly people between the ages of 60 and 70 years. The CEOs of the Ponzi scheme identified only as Lee and Bae were arrested after the agency created an AI to track keywords related to Ponzi schemes and internet fraud.

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