215 Suspects Detained in South Korea for Massive Crypto Fraud

user avatar

by Giorgi Kostiuk

2 years ago

South Korean police have arrested 215 people involved in a large-scale cryptocurrency scam that resulted in over $232 million in losses for more than 15,000 people.

How the Scheme Worked

The scam was led by a popular YouTuber who, along with other group members, tricked people into purchasing fake digital tokens. With promises of enormous returns, they advised victims to invest all their savings.

A YouTuber at the Center of It All

The ringleader used their YouTube channel to promote the fraudulent tokens, misleading the audience into investing in these worthless tokens.

A reputable YouTube channel provided the scammers a platform to reach a large audience.

What Happens Next?

The twelve identified as the masterminds have been detained and face court proceedings. The police hope this serves as a warning to prospective investors about the perils of unverified online investment opportunities.

This case highlights the importance of due diligence in cryptocurrency investments and the need to verify the credibility of information from online sources.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.