Sunday, October 1, 2023 Ethereum Mining ‘Scam’ Mastermind Flees South Korea for the Philippines Ethereum Mining ‘Scam’ Mastermind Flees South Korea for the Philippines


A person who is believed to be the leader of what the police believe Ethereum (ETH) A mining scam masquerading as a well-meaning “pool” has leaked abroad.

Around Police say a 44-year-old man, whose identity has not been identified for legal reasons, left the country in late June when police began investigating the “pool.”Named Ethlot.meclaiming that the “pool” will give investors the opportunity to buy Ethereum, Bitcoin (BTC) Mining rigs operated by a company called Ethlot on their behalf at overseas mining centers. These centers were mainly in Kazakhstan and Russia, they claimed.

“Pool” has published numerous videos and photos of these “mining centers” in operation.

The company, which has a brick-and-mortar store in Seoul’s Seocho District, was unable to respond to multiple questions. contact request. The phone number associated with the company also appears to be unmanned.

The operator of has promised investors a tiered “guaranteed income”. I was told that the more I invested, the more quality machines I could buy.

Public buses in Seoul, South Korea carry ads, and an Instagram post claims that investors can expect huge profits. Source:

According to the pool’s marketing materials, those who earn US$6,225 can expect to earn almost US$120 per day. Smaller investors can expect to earn $32 a day from his one-time $2,333 investment, the company claims.

But when those “guaranteed profits” didn’t materialize, angry investors tried to get their money back, but the company abruptly unplugged its website and most of its social media channels.

Ethereum Mining ‘Scam’ Worth ‘Millions of Dollars’, Lawyer Says Instagram When Youtube The page is still online, but neither has been updated in the past few months.

The pool’s marketing efforts were well-funded and aggressive and included advertisements appearing on digital displays in Korean buses, subway stations and busy public squares.


June 27th, report that of Seoul Metropolitan Police Agency‘s Financial Crimes Investigation Unit launched an investigation into both and Ethlot, working with local forces across South Korea.

Police have already made several arrests, including the Ethlot CEO. But a lawyer representing a group of victims claims his 44-year-old man, who fled to the Philippines, was the “true” perpetrator of this apparent fraud, and police officers tend to agree. There seems to be

The key figure was under a travel ban when police launched an investigation, but appears to have escaped arrest when he fled in June.

Yonhap reported that the Financial Crimes Investigation Division is considering the question. Interpol intervene.

Lawyers allege that the “scam” resulted in approximately 2,000 victims and “millions” of dollars worth of investments.

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