South Korean Police Arrest 215 In Cryptocurrency Investment Scam

According to PANews, South Korean authorities have apprehended 215 individuals in connection with a large-scale cryptocurrency investment scam. The fraudulent scheme, which promised high returns, deceived approximately 15,000 investors, resulting in losses totaling around 300 billion Korean won (equivalent to $213 million). Among those arrested are 12 key figures, including the mastermind behind the operation, a YouTuber in his 40s with a subscriber base of 620,000. The YouTuber, who played a pivotal role in orchestrating the scam, initially gained prominence by recommending stocks. However, after the stocks he endorsed were suspended from trading in 2020, he shifted his focus to cryptocurrencies. This transition led to significant dissatisfaction among his investment advisory platform's clients, who subsequently demanded refunds. The case highlights the growing concerns over cryptocurrency-related fraud and the need for increased vigilance and regulatory measures to protect investors from such deceptive practices.