Million

South Korean authorities have cracked down on a massive cryptocurrency investment scam that defrauded more than 15,000 investors, including vulnerable older citizens, out of 325 billion won (about $230 million).&nbsp; 
The Gyeonggi Southern Provincial Police Agency’s Anti-Corruption and Economic Crime Investigation Unit <a href="https://www.yna.co.kr/view/AKR20241113082800061?input=1195m" target="_blank" rel="noreferrer noopener nofollow">arrested</a> 215 people associated with the scam, 12 of whom were identified as key organizers. The suspects face charges under South Korea’s Aggravated Punishment Act for Specific Economic Crimes. 
The alleged ringleader, known only as “Mr. A,” is a YouTuber with over 620,000 subscribers. Police say he used his channel to lure investors with claims of quick riches, encouraging some to sell their homes and take out loans to buy crypto assets that would supposedly yield “20 times the principal.”&nbsp; 
The scam operated from December 2021 to March 2023, offering 28 types of fraudulent cryptocurrency tokens, six of which were self-created and listed on overseas exchanges to attract buyers. 
The investigation revealed that salespeople posing as investment experts manipulated token prices and persuaded victims to invest heavily. Some investors, many middle-aged and elderly, lost their life savings in the scheme. Victims’ personal information was also misused, with scammers impersonating the Financial Supervisory Service to collect IDs and take out loans. 
Police tracked the flow of funds across 1,444 bank accounts used by the group. Mr. A was eventually detained in Australia after escaping from South Korea through Hong Kong and Singapore.&nbsp; 
Authorities seized 22 Bitcoins, worth $1.9 million, and requested court approval to confiscate approximately $34 million linked to the scam. The investigation is ongoing as South Korean authorities work to recover lost funds and prevent further financial crimes. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/11/12/investor-loses-6-million-in-giga-to-fake-zoom-link-scam/" target="_blank" rel="noreferrer noopener">Investor Loses $6 Million in $GIGA to Fake Zoom Link Scam</a> 
</blockquote>

215 Arrests as $230M Crypto Scam Defrauds 15,000 in S. Korea

The Crypto Times

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