South Korean police announced arrests of 215 people tied to a wide‑ranging cryptocurrency investment fraud that reportedly defrauded thousands and involved token price manipulation, money‑laundering and an organized sales network. Investigators say a dozen lead figures, including a high‑profile YouTuber accused as a ringleader, orchestrated operations that caused losses in the hundreds of millions of won.

South Korean law enforcement reported the arrest of 215 individuals in connection with an expansive cryptocurrency investment scam that authorities say defrauded thousands of victims and generated losses in the hundreds of millions of won. Police described a hierarchical, organized sales network that promoted tokens, manipulated prices through coordinated trading and wash sales, and coerced retail investors into buying into schemes touted on social channels. Investigators identified roughly a dozen principal figures running the operation, and singled out a high‑profile YouTuber among the alleged ringleaders who used online influence to attract victims. The alleged fraud combined aggressive sales tactics, fictitious returns, and deliberate market manipulation to inflate token values before orchestrating sell‑offs that left retail holders with worthless coins. Money‑laundering channels were also used to absorb and obscure proceeds, prompting coordinated asset tracing and seizure actions. Authorities emphasized a continuing probe to identify offshore conduits, exchange accounts, and complicit intermediaries, and warned investors to be wary of celebrity endorsements and pressure‑sale tactics in crypto markets.