• South Korean police are investigating a possible $8 million crypto scam.
• Forty alleged victims have complained to a Seoul-based law firm that they were tricked into buying a potentially worthless or non-existent crypto-asset called Epay Coin.
• The masterminds behind the scheme claimed that their coin would be listed on major overseas and domestic exchanges, but Binance officials have never heard of it.

South Korean authorities are looking into allegations of a major crypto scam after a group of forty individuals approached a Seoul-based law firm, For You Law, to complain they had been duped into buying a worthless or non-existent digital asset. The asset in question was an unlisted crypto-asset called Epay Coin and the victims claim they were promised big profits if they bought the token through a private sale.

According to the victims, the masterminds behind the scheme claimed that their coin would be listed on major overseas exchanges such as Binance and Huobi, as well as large domestic exchanges such as Upbit and Bithumb. However, Binance officials have stated that they have never heard of the coin in question. The total losses suffered by the forty victims are estimated to be around $1.6 million, and the law firm believes that hundreds of other investors may have been scammed out a total of $8 million.

When reporters attempted to contact the operators of Epay Coin by phone or in person, they were unsuccessful. It is unclear at this time who is behind the scam and where the money has gone. The South Korean police are now investigating the case and will hopefully be able to track down the masterminds and bring them to justice. In the meantime, investors should be extra vigilant and do their due diligence before investing in any crypto project.