South Korean Police Arrest 215 in Suspected $232M Crypto Investment Scam Investigation: Yonhap
Summary
South Korean police arrested 215 individuals in connection with a suspected $232 million cryptocurrency investment scam. The scheme, operated by a fake investment consulting firm and involving a YouTuber with 620,000 subscribers, defrauded over 15,000 people between December 2021 and March 2022. It targeted middle-aged and older individuals, promising 20x returns and encouraging them to sell properties and take loans for investments. The scam involved 28 tokens, six created by the group, with the rest having low trading volumes and little value. Twelve remain detained, including the YouTuber who fled to Australia.
