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Worthless tokens have made the scammers a fortune.
South Korean police have detained 215 people suspected of the largest cryptocurrency fraud worth about $228.4 million.
According to law enforcement officers, among the detainees is the alleged leader of the criminal group, who is called "Mr. A". He was in hiding in Australia, but was detained and returned to South Korea. The police have already seized 22 bitcoins from Mr. A and are now trying to access assets worth about $34 million.
The criminal group sold 28 types of virtual tokens to about 15,000 people, promising large profits. The group placed six of the tokens on foreign crypto exchanges and, with the help of a team of market makers, artificially raised prices. The police stressed that all the tokens turned out to be absolutely useless.
In addition, fraudsters collected personal data, including nearly 9 million phone numbers, through digital advertising and data theft. The collected data was used to issue fake loans.
To attract people, scammers have created consulting companies and sales teams. Virtual assets were offered to subscribers of the YouTube channel, where "profitable" investments were actively advertised. Thus, the attackers persuaded people to invest money, promising a high income. Basically, the victims of the scheme were middle-aged and elderly people, who were easier to succumb to promises of quick profits.
Source
South Korean police have detained 215 people suspected of the largest cryptocurrency fraud worth about $228.4 million.
According to law enforcement officers, among the detainees is the alleged leader of the criminal group, who is called "Mr. A". He was in hiding in Australia, but was detained and returned to South Korea. The police have already seized 22 bitcoins from Mr. A and are now trying to access assets worth about $34 million.
The criminal group sold 28 types of virtual tokens to about 15,000 people, promising large profits. The group placed six of the tokens on foreign crypto exchanges and, with the help of a team of market makers, artificially raised prices. The police stressed that all the tokens turned out to be absolutely useless.
In addition, fraudsters collected personal data, including nearly 9 million phone numbers, through digital advertising and data theft. The collected data was used to issue fake loans.
To attract people, scammers have created consulting companies and sales teams. Virtual assets were offered to subscribers of the YouTube channel, where "profitable" investments were actively advertised. Thus, the attackers persuaded people to invest money, promising a high income. Basically, the victims of the scheme were middle-aged and elderly people, who were easier to succumb to promises of quick profits.
Source
