South Korea Arrests 215 People in $222M Crypto Investment Scam

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In South Korea, police arrested 215 individuals, including a popular YouTuber with 620,000 followers, for orchestrating a crypto investment scam that defrauded 15,000 people out of 300 billion won (approx. $222 million). The group ran fake investment firms, lured investors with promises of “20x returns,” and issued worthless coins, some of which they manipulated on foreign exchanges. Victims, mainly middle-aged, were encouraged to sell assets or take loans for these “investments.” Authorities seized assets, including Bitcoin, and warned against scams promising high returns without in-person consultations.