Media: 215 people arrested in South Korea for $232 million cryptocurrency scam

Police in South Korea have arrested 215 people suspected of defrauding crypto investors, 12 of whom have been remanded in custody. According to South Korean police, an unknown YouTuber with an audience of 620,000 subscribers ran a fake investment company and persuaded Koreans to invest in such tokens.

Between December 2021 and March 2023, the perpetrators defrauded 15,304 people of 325.6 billion won (about $232 million). They convinced victims to invest in scam tokens and promised 20-fold profits. The scammers managed to launch 28 assets that actually had no value, but 22 of them had low trading volumes.