'10 Million Views' Cryptocurrency Scam Site's Actual Operator... Sent to Trial

Promoting Site on YouTube
"Earn Tens of Millions as a Side Job"
Damage Amounts to Billions of Won

A group involved in cryptocurrency fraud through a YouTube video that recorded 10 million views has been brought to trial. The victims, who were deceived by claims that they would never lose their investment and that it was possible as a side job, are reported to have suffered damages amounting to tens of billions of won.

According to the police on the 17th, the Daegu Police Agency arrested and sent four people, including Kim, on December 28 last year on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud). Four months after Jo was indicted last August for managing a cryptocurrency scam site, the actual operators were caught. The prosecution also indicted them on the 12th and is reportedly coordinating the trial schedule.

Including Mr. Kim, the cryptocurrency scam group produced YouTube videos since 2021 to gather scam victims. This group was indicted on the 12th and will face trial. /Source = YouTube

According to the victims, since 2021, this group promoted a cryptocurrency futures trading site through YouTube and recruited investors. They lured victims with YouTube videos titled "Is there anyone who makes money without doing anything?" A man appears in the video saying, "You don’t need to know how to invest in cryptocurrency," and "You can earn around 20 million won per week as a side job," encouraging investment. The YouTube video reached 10 million views.

Victims explained that if they contacted the KakaoTalk open chat room link written below the video, they were introduced to a site created by this group. It was a so-called "futures investment" site where investors could earn several times their invested amount by predicting cryptocurrency fluctuations every minute, but if they were wrong, they lost everything. Instead, the group claimed that by using an AI-based program developed by combining about 30 investment methods from cryptocurrency experts, there was absolutely no risk of loss. Those who trusted this and deposited money initially made profits but lost all their investment in less than five minutes. Even if profits were made, victims suffered damages as withdrawals suddenly became impossible and communication was cut off.

The total damage caused by Kim and others is reported to be tens of billions of won, with about 900 victims. A police official stated, "Fraud using cryptocurrency is rampant, so investments should be made cautiously," and added, "We will actively investigate to eradicate related crimes in the future."

This content was produced with the assistance of AI translation services.