South Korea has been taking steps to suppress crypto scams. This latest one is the biggest ever though.
A financial influencer in South Korea is alleged to have set up a huge cryptocurrency scam after dissatisfied investors wanted a refund for bad stock advice he had given. Police have arrested 215 people in connection with the alleged fraud.
Of the 215 people arrested, 12 remain in custody, South Korean news agency Yonhap reported. Those detained include the alleged ringleader of the scam, who was identified as the middle-aged head of an investment advisory company and YouTuber with 620,000 subscribers. He was referred to only as Mr. A. Mr. A fled to Australia but has now been arrested.
Mr. A started selling virtual assets after he made a bad stock recommendation in 2020 and clients demanded a refund. He allegedly set up an extensive network of sham companies to carry out the fraud. He and his accomplices are accused of receiving 325.6 billion won ($232.7 million) from 15,304 people for investment in 28 cryptocurrencies between December 2021 and March 2023.
