South Korea police arrest 215 in suspected $228 million crypto scam
In Seoul authorities have apprehended 215 individuals for participating in a major cryptocurrency investment fraud, involving the theft of 320 billion won ($228,400,000) marking it as one of the largest scams of its kind, in South Korea.
On Wednesday the Gyeonggi Nambul Provincial Police announced that the arrests involved catching the suspected ringleader of a gang that was selling 28 different virtual tokens to approximately 15,000 individuals, with promises of significant profits.
Authorities mentioned that the team had circulated six out of the 28 tokens, on cryptocurrency platforms and were overseeing a group of market influencers to drive up the prices labeling the tokens as having no value.
The team established investment firms and sales departments to market the digital assets to individuals who were followers of a YouTube channel as stated by the authorities.
The value is 1400 and 90 cents, in currency.
(Cynthia Kim reporting, edited by Alison Williams)
Shandor Brenner is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.
