The Gyeonggi Southern Provincial Police Agency's investigation revealed that the unnamed YouTuber’s fake investment company lured over 15,000 victims who were promised unrealistically high returns.
Police noted that the fraud scheme operated between late 2021 and March 2023, ultimately taking more than $232 million from largely middle-aged and older investors.
The scheme involved various worthless tokens which misleadingly appeared to offer significant returns, leading victims to sell their assets and secure loans for investments.
The YouTuber, who had a sizable following of 620,000 subscribers, was part of a broader operation that included staff from a fake consulting firm.
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