620,000 YouTubers, buying coin reading rooms...15,000 people, '320 billion' victims

The anti-corruption and economic crime investigation team of the Gyeonggi Southern Police Agency arrested 215 criminal members on charges of ripping more than 300 billion won from 15,000 people to invest in virtual assets and coins, and arrested 12 of them, including the chief A, the head of the division, and the sales manager.

A and others are accused of stealing 320 billion won by selling 28 types of virtual assets to victims who were customers of similar investment advisory companies from December 2021 to March last year by deceiving them as if they were high-quality information.

Mr. A, a YouTuber with 620,000 subscribers and running a similar investment advisory company, was found to have committed the crime to make up for the suspension of the stock he recommended in 2020 and received a group refund request from members.

Based on customer information collected through YouTube lectures, it was revealed that they contacted victims and pretended to be experts, misleading them to "change their fate" and "buy coins even if they sell apartments."

In addition, it was found that six types of virtual assets were issued on their own, listed on overseas exchanges, and manipulated the market price, and it was confirmed that they were technically of no value.

The police applied for confiscation and collection preservation before prosecution for 47.8 billion won in criminal proceeds and notified the Financial Supervisory Service of measures to improve the system, including the need to strengthen the supervisory system for the sale of virtual assets by similar investment advisory companies.