A cryptocurrency investment scam in South Korea has led to the arrest of 215 individuals, including a popular YouTuber. The fraudulent scheme, worth an estimated 325.6 billion won ($232 million), targeted over 15,000 victims between December 2021 and March of last year. The victims, mainly middle-aged and elderly individuals, were promised 20-fold returns on digital asset investments.
The scam involved 28 different tokens, but it was later discovered that only six were created by the group. The fraudulent investment consultants involved persuaded some victims to sell their homes or take out loans to participate in the scam. This isn’t the first instance of scammers targeting the elderly with cryptocurrency schemes, and as South Korea’s cryptocurrency market continues to expand, it’s likely that more cases like this will be uncovered.