Crypto Fraud Scheme Defrauds 15,000 Victims
South Korean authorities have arrested 215 individuals involved in a large-scale crypto fraud scheme, which scammed over 15,000 victims for a total of $232 million. Among the detained are 12 primary suspects, including a prominent YouTuber who allegedly led the operation.Aggressive Sales Tactics and Token Manipulation
The fraud ring promoted 28 fraudulent tokens, using aggressive tactics, such as urging investors to “sell their apartments” and invest heavily. The scheme involved self-issued tokens manipulated on foreign exchanges to mislead investors about potential returns.Seizing Assets in an Ongoing Investigation
Authorities have requested to seize approximately $34 million in assets, including 22 bitcoins held in a hard wallet. The ringleader, identified only as “A,” was detained after attempting to flee to Australia. The investigation highlights South Korea’s strong stance against crypto fraud.
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