South Korean police arrest 215 people involved in a $232 million cryptocurrency investment scam

ChainCatcher news, South Korean police have arrested 215 people in an investigation into a cryptocurrency investment fraud case involving 325.6 billion won (232 million USD).
The Anti-Corruption and Economic Crime Investigation Department of the Gyeonggi Southern Provincial Police Agency stated that the arrested suspects include staff from a fake investment consulting company and an unidentified YouTuber with 620,000 subscribers. From December 2021 to March last year, the scheme allegedly defrauded more than 15,000 people by promising high returns on investments in virtual assets. The scheme primarily targeted middle-aged and elderly individuals, promising 20 times returns and encouraging people to sell apartments and take out loans to fund their investments.
The investments themselves included 28 different tokens, of which 6 were created by the gang. The remaining 22 had low trading volumes and were considered to have little value. Among those arrested, 12 are still in custody, including the YouTuber, who is also the head of the consulting company. He initially fled from South Korea to Australia via Hong Kong and Singapore.

It is reported that the names of the individuals involved have not been disclosed.