Token

<ul class="wp-block-list">
 <li>South Korean police arrested 215 individuals involved in a $232 million crypto fraud.</li>
 <li>The scheme was led by a popular YouTuber with 620,000 followers, promoting high returns.</li>
</ul>
South Korean police have apprehended 215 individuals tied to a large-scale cryptocurrency investment scam, responsible for defrauding over 15,000 people and causing losses of 325.6 billion won ($232 million). The investigation, led by the <a href="https://www.ggpolice.go.kr/main/bbsview.do" target="_blank" rel="noopener noreferrer nofollow">Gyeonggi </a>Southern Provincial Police Agency’s Anti-Corruption and Economic Crime Unit, revealed the scam ran from December 2021 to March 2023, targeting primarily middle-aged and elderly investors.
According to authorities, the scheme revolved around a fake investment consulting company fronted by a YouTuber with over 620,000 followers, who allegedly operated as the scam’s ringleader.&nbsp;
The organization encouraged people to sell their apartments and take out loans to fund investments, promising up to 20 times returns on selected virtual<a href="https://thenewscrypto.com/binance-surpasses-5-billion-in-november-inflows-hits-record-130b-in-user-assets/" target="_blank" rel="noopener noreferrer nofollow"> assets</a>. Victims were lured with claims of exclusive access to advanced information on unlisted cryptocurrencies, which would supposedly generate massive profits.
<h3 class="wp-block-heading" id="h-token-manipulation-exposed">Token Manipulation Exposed</h3>
The scam involved 28 different tokens, six of which were created and manipulated by the ringleader and his associates. The remaining 22 tokens had low trading volumes, suggesting little value. The group listed the tokens on foreign exchanges through brokers, while market-making teams artificially inflated prices to deceive investors further.&nbsp;
Twelve key figures remain in <a href="https://www.yna.co.kr/view/AKR20241113082800061?input=1195m" target="_blank" rel="noopener noreferrer nofollow">detention</a>, including the YouTuber, who initially fled South Korea for Australia, passing through Hong Kong and Singapore. These core members now face price manipulation, money laundering, and fraud charges. South Korean police, known for preserving suspects’ identities, only referred to the YouTuber as “A”. They have not disclosed other names involved in the scheme.
The Gyeonggi police agency has seized about $34 million worth of assets linked to the scam, including 22 Bitcoins found in a crypto <a href="https://thenewscrypto.com/crypto-exchange-m2-secures-user-funds-after-13m-hot-wallet-breach/" target="_blank" rel="noopener noreferrer nofollow">hard wallet </a>belonging to the ringleader. The police have also requested court approval to further confiscate assets from the accused to reimburse affected individuals.
South Korean authorities continue to warn citizens against investment scams and emphasize the need for vigilance. When approaching high-return promises, particularly those marketed aggressively through social media and private consultations.
Highlighted Crypto News Today <a href="https://thenewscrypto.com/binance-under-doj-scrutiny-for-ftx-related-crypto-holdings/" target="_blank" rel="noopener noreferrer nofollow">Binance Under DOJ Scrutiny for FTX Related Crypto Holdings</a>

South Korea Police Arrest 215 in $232M Crypto Scam

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