South Korean police have arrested 215 individuals in connection with a cryptocurrency investment scam that allegedly defrauded more than 15,000 victims out of approximately $232 million. The arrests were made by the Gyeonggi Southern Provincial Police Agency's Anti-Corruption and Economic Crime Investigation Unit, which reported that the scam ran from late 2021 to March 2023. The scheme was led by a YouTuber with 620,000 subscribers, who operated a fake investment consulting firm. The group promised investors returns of up to 20 times their investment by encouraging them to sell property or take out loans. The investment involved 28 different tokens, with six created by the perpetrators, while the others had little trading value. Twelve individuals, including the YouTuber, remain in detention after the suspect initially fled South Korea for Australia via Hong Kong and Singapore.

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