Police in South Korea have detained 215 individuals involved in alleged fraud led by an unnamed YouTube blogger with 620,000 subscribers. From December 2021 to March 2023, the blogger ran a fake consulting firm, enticing users to invest in 28 tokens, including coins issued by the firm itself, with promises of 20x returns. Most of these tokens reportedly had no real value and were manipulated through Pump & Dump schemes.

Victims, numbering over 15,000, collectively lost 325.6 billion won (approximately $232 million). The blogger convinced them to sell property and take out loans to increase their investments in the scam coins.

Currently, 12 suspects, including the blogger, remain in custody. The blogger attempted to flee to Australia via Hong Kong and Singapore but was apprehended.

“This isn’t the first instance of bloggers promoting scam tokens. In October 2024, analyst SomaXBT accused YouTuber MrBeast of endorsing similar schemes, reportedly earning over $10 million,” the report states.