South Korean police detained 215 people for arranging the country’s greatest cryptocurrency scam, totaling 320 billion won ($228.4 million). The suspected ringleader and their group offered 28 different types of virtual tokens, six listed on offshore platforms, to about 15,000 investors under false promises of substantial returns. Authorities declared the tokens worthless and found that the organization used investment advising firms, sales teams, and YouTube channels to entice victims.
Editor’s Note: The situation serves as a sobering reminder of the risks connected to the digital currency investments’ uncontrolled and speculative nature. Although decentralized transactions made possible by digital currencies have transformed the financial industry, hackers and scammers have found them to be a lucrative target due to their popularity. Due to the technical complexity of blockchain technology and its lack of transparency, investors are frequently ignorant of possible hazards. This creates a fertile ground for fraudulent schemes, as seen in this case, where misinformation was spread through advising firms, sales teams, and even YouTube channels. [To better understand the risks of digital finance transactions, see The Dangers of CBDCs, WEF, CBDC, and Digital ID: The Path Towards Digital Slavery].
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