Home Cryptocurrency How Artificial Intelligence Helped South Korea Arrest Ponzi Scheme Founders

How Artificial Intelligence Helped South Korea Arrest Ponzi Scheme Founders

Ponzi scheme is a problem that bedevils any country with an amount of acceptance for cryptocurrency. Certain dubious individuals take advantage of the public’s ignorance of the system and also the anonymity of cryptocurrencies to promise unsuspecting individual good worth for their dubious coins and at the end, make away with their money.

This was the case in South Korea until the government got wind of it and decided to do something about it. The south Korean agencies decided to set up an artificial intelligence to track down these scammers. They trained the AI using certain keywords and phrases associated with Ponzi and the suspected scheme’s activities.

Have You Seen This?   Guophone X3 with Notch Display, 4500mAh Battery launched!

With the help of the AI and evidence from an informant (name withheld), they arrested the individuals behind the scene, after it has run for 6 months in 2018. The suspects are simply identified as Lee and Bae. The scheme ran by selling private digital tokens called M-coins, to subscribers as well as collecting membership fees. According to the authorities, most of the victims were old people between the ages of 60 and 70.

Don't be shy! Tell us what you think?