South Korean police arrested 215 people in connection with a $232 million cryptocurrency investment scam 💸💸

South Korean police have arrested 215 people in connection with a 325.6 billion won (about $232 million) cryptocurrency investment scam.

The Anti-Corruption and Economic Crime Investigation Department of the Gyeonggi South Provincial Police Agency reportedly said that those arrested included employees of a fake investment consulting company and an unidentified YouTuber with 620,000 subscribers. Gyeonggi Province is a province close to Seoul, the capital of South Korea.

The scam allegedly deceived more than 15,000 people from December 2021 to March last year by promising high returns on virtual assets. They mainly targeted middle-aged and elderly people, promised 20x returns, and encouraged people to sell their apartments and take out loans to invest.

The scheme promised up to 20x returns by investing in tokens of very low value.

South Korean police said an anonymous YouTuber operated a fake investment company to trick Koreans into investing in worthless currencies.

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