A man in his 30s has been arrested by South Korean police for using cryptocurrency mining investments as bait to defraud 250 million won (about $187,000). According to the Ulsan South Police Station, from May 2021 to May this year, suspect A defrauded investment funds by promising high returns of 3 to 4 times to members of the interest group. The investigation found that A did not use the funds for mining business, but to pay off personal debts, wedding supplies and life expenses. At present, A has been arrested by the police and the case will be handed over to the prosecution.