South Korean police have exposed the biggest cryptocurrency scam in the country's history. Over 15,000 victims have been affected, with damages amounting to $213 million.
Prominent YouTuber orchestrated the crypto scheme
The scheme was led by a well-known YouTuber with 620,000 subscribers, who created a web of companies to carry out the fraud. The organization engaged in coin issuance and price manipulation, database management, and money laundering. It began in December 2021 following unsuccessful stock trades.
Targeting vulnerable crypto investors
The scam targeted victims of previous financial losses. Members impersonated financial officials to gain trust and collect personal data. Most victims were middle-aged or elderly, investing large sums, sometimes selling their homes.
Investigation conclusions and arrests
The investigation began in February 2023, resulting in 215 arrests, including key players. Assets worth $31.3 million were seized. Police warn of numerous victims from such schemes and recommend caution against high-return promises.
This investigation marks a significant step in battling cryptocurrency fraud in South Korea. Police continue to combat organized scams, urging the public to remain vigilant.
