Over 200 Arrested in Massive Crypto Scam Bust

As crypto investments surge, so do scams, with fraudsters exploiting people’s hopes for quick profits.

In South Korea, a recent bust revealed a major $232 million scam targeting over 15,000 victims, primarily middle-aged individuals.

The Gyeonggi Provincial Police arrested 215 people linked to the fraud, including a prominent YouTuber with a 620,000-strong following.

This group allegedly ran a fake investment consultancy from late 2021 to early 2023, luring victims with ads promising up to 20x returns. Victims were even urged to sell assets like their homes to invest.

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The scammers promoted 28 low-volume tokens, six of which they had created, manipulating prices to appear profitable. After investor losses, they collected sensitive information under the guise of “compensation” promises, using it to take out loans in their names.

The ringleader, known as Mr. A, fled to Australia but was caught on November 13. Police urge caution against “get-rich-quick” schemes as they investigate further.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.