Massive Crypto Scam Uncovered in South Korea: 215 Arrested

South Korean authorities apprehended 215 individuals linked to a substantial cryptocurrency scam involving 320 billion won ($228.4 million). Spearheaded by an organized crime group, the scam deceived 15,000 investors by selling worthless tokens. Six tokens were listed on international exchanges to manipulate prices.

In a groundbreaking development, South Korean police have detained 215 individuals implicated in a massive cryptocurrency fraud amounting to 320 billion won, or $228.4 million. The arrest operation, hailed as the largest of its kind in the nation, represents a significant move against organized digital crime.

The Gyeonggi Nambu Provincial Police revealed on Wednesday that amongst those arrested was the suspected ringleader of the criminal syndicate. This group reportedly lured approximately 15,000 investors through the sale of 28 different virtual tokens, promising substantial returns.

Authorities added that six of these tokens were launched on foreign cryptocurrency exchanges and artificially inflated in value through manipulated market practices. The fraudsters also established investment consultation firms to aid in the sale of these digital currencies, attracting customers via a dedicated YouTube channel.

(With inputs from agencies.)