South Korean police arrest 215 people in suspected $228m crypto scam

Alleged criminal ring is the biggest cryptocurrency investment scam in country's history, according to police

South Korean police have arrested 215 people on suspicion of stealing 320 billion won ($228.4m) in the biggest cryptocurrency investment scam in the country.

Gyeonggi Nambu provincial police said on Wednesday that the arrests included the alleged mastermind of the organised crime group accused of selling 28 types of virtual tokens to about 15,000 people by promising high returns. Referred to as Mr A, he had fled to Australia but was arrested and extradited. Police have confiscated 22 Bitcoin from his accounts and have applied to seize some $34m more. Just 12 people of the 215 remain in custody, according to Yonhap.