South Korean Police Busted 215 People In Major Crypto Scam Targeting Desperate Middle-aged People

With the rising popularity of crypto investment, especially due to its highly profitable nature, the number of crypto scams has increased exponentially.

A crypto scam targeting thousands of desperate middle-aged people has been exposed in South Korea, with the scammer scamming $232M.

Gyeonggi Southern Provincial Police Agency’s Anti-Corruption and Economic Crime Investigation Unit arrested 215 people for running a crypto fraud affecting more than 15,000 people.

The team knocked down a fake investment consulting firm, quasi-investment consulting, run by a relatively popular YouTuber with 620,000 subscribers. This scam has been running for two and half years, between December 2021 and March 2, 2023. More than 12 people, including the ringleader, Mr. A, have been charged under the Aggravated Punishment Act for Specific Economic Crimes and are under detention.

The Police investigation revealed that the YouTuber has been running multiple pseudo-investment consulting firms and organizations. Collectively they ran money laundering, price manipulation, and other related activities to embezzle investors’ money. The team had lured in middle-aged commoners with their YouTube advertisements, claiming as high as 20x profits.

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