Byun Young-oh, CEO of South Korean tech company Wacon, has been arrested on suspicion of planning an ETH-related cryptocurrency scam. The Seoul Central District Prosecutors' Office will indict Byun and another suspect, Yeom, for fraud. The MainEthernet wallet service operated by Wacon was unable to withdraw cash normally in the summer of 2023. In a meeting with investors in November, Byun said it would refund the money to investors, saying "it will take only four months to solve all the problems". But prosecutors believe it was a Ponzi scheme involving hundreds of billions of won, with about 500 victims, mainly the elderly. Byun, who promised returns of up to 45-50 per cent and denied Ponzi scheme allegations last year, reportedly claimed he also ran a cryptocurrency exchange and an NFT-based gaming business. A spokesperson for the prosecution said they were "currently investigating" to determine whether there were "other victims or accomplices" involved.