South Korean Police Arrest 215 People in Massive Crypto Scam

SEOUL, Nov 13 (Reuters) – South Korean police have arrested 215 people in connection with a massive cryptocurrency scam that allegedly stole 320 billion won ($228.4 million). The scam is the largest of its kind in the country.

On Wednesday, Gyeonggi Nambu Provincial Police reported that the arrests included the alleged leader of the criminal group behind the scam. The group is accused of selling 28 types of virtual tokens to around 15,000 people, promising high returns on their investments.

According to the police, the scam involved six of the 28 tokens being listed on overseas cryptocurrency exchanges. The group allegedly used a team of market makers to manipulate prices. Police have described the tokens involved as “worthless.”