October 22, 2022
Source: Adobe/ketkata

South Korean police have swooped on the operators of what they say was a scam crypto exchange that sucked in 12,000 victims – after claiming investors could use it to make compound interest gains of a whopping 0.5% every eight hours.

Per Herald Kyungjae, the firm posed as a South Korean affiliate of the bona fide Canadian exchange Bitbuy and hired models, shot YouTube ads and even enlisted “professional cinematographers” to make their fraud look like an above-board crypto project.

In a video almost 20 minutes long and featuring graphics and effects, a broadcaster claiming to be a dab hand at crypto investment made claims about ways customers could “stake” their coins to make massive returns on investments.

The video, which some South Korean crypto community members instantly recognized as a likely scam, was reposted online by a YouTube user who claimed to have called out the allegedly bogus exchange in the comments section of the original video.

In the video, the presenter explained that users can use the platform to make over USD 84,000 in just 150 days. She also showed off an expensive “supercar” that she claims she bought with her crypto profits.

The presenter, who called herself “Mina” of “Minacoin” in the videos, apparently posed as an in-the-know crypto broadcaster promising to share her trading insights. 

In another video shared by the same user, she claimed she…

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