South Korean law enforcement has apprehended 215 individuals as part of an investigation into a suspected cryptocurrency investment scam worth approximately 325.6 billion won ($232 million), according to Yonhap. The operation, conducted by the Gyeonggi Southern Provincial Police Agency's Anti-Corruption and Economic Crime Investigation Unit, targeted a fake investment consulting firm and a prominent YouTuber with over 620,000 subscribers. Located in the Gyeonggi province surrounding Seoul, the scheme allegedly deceived over 15,000 people, primarily middle-aged and elderly individuals, by promising substantial returns on investments in virtual assets between December 2021 and March of the following year.
The scam encouraged victims to liquidate their assets, including apartments, and secure loans to invest in 28 different tokens, six of which were created by the group and the remaining 22 of which had low trading volumes and negligible value. Twelve of the arrested individuals, including the YouTuber who headed the consulting firm, remain in custody; the YouTuber had initially fled to Australia via Hong Kong and Singapore.