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South Korean authorities have arrested 215 individuals in connection with a massive cryptocurrency investment scam worth an estimated 325.6 billion won – around $232 million.
The fraudulent investment involved 28 different tokens, though investigations revealed that only six were actually created by the group. These tokens were listed on overseas exchanges via brokers, who artificially drove up their prices by making internal purchases before selling them to investors. Among those arrested, twelve are still held in detention, including the YouTuber who ran the consulting firm. He had escaped South Korea, first traveling to Hong Kong and Singapore before reaching Australia.
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