South Korean Police Arrest 215 in Major $228 Million Crypto Scam
In what is being described as South Korea’s largest cryptocurrency investment scam, police have arrested 215 individuals on charges of stealing 320 billion won (approximately $228.4 million). The arrests, made on Wednesday, include the alleged mastermind behind the operation, which involved selling 28 different types of virtual tokens to around 15,000 unsuspecting investors.
According to Gyeonggi Nambu Provincial Police, the scam targeted investors by promising high returns on these digital assets. The fraudulent group issued six of the 28 tokens on overseas cryptocurrency exchanges and used a team of market makers to artificially inflate prices. Police have labeled the tokens as “worthless,” with no inherent value.
The operation was sophisticated, with the group establishing investment consulting firms and sales teams to promote their fake assets to individuals who had subscribed to a YouTube channel. Authorities have confirmed that the victims were misled into investing substantial sums based on these misleading promises.
The arrests come as part of ongoing efforts by South Korean authorities to crack down on cryptocurrency-related scams, which have become a growing concern in recent years. Investigations are ongoing as police continue to identify and apprehend others involved in the scheme.
South Korea has long been a hub for cryptocurrency trading, but the rise in scams has prompted stricter regulations and increased law enforcement scrutiny to protect investors and maintain market integrity.
Source : Swifteradio.com
