On November 13, 2024, the Gyeonggi Southern Provincial Police in South Korea busted a massive crypto investment scam operation that stole $230 million from vulnerable investors, especially those who already faced losses in prior investments, through the use of YouTube ads with attractive messages like:
- “20 times the principal”
- “A chance to change your sestiny”
- “Sell your apartment and get a loan to buy coins.”
215 people were arrested and charged with fraud under the Aggravated Punishment Act for Specific Economic Crimes. This includes their kingpin, Mr. A, who was arrested in Australia after fleeing South Korea through Hong Kong and Singapore.
Police have also seized $1.9 million in Bitcoin from Mr. A’s possession and an additional $34 million tied to the scam operation.
https://www.coinspeaker.com/south-korea-police-arrest-215-over-230m-crypto-investment-scam/