The Seoul Central District Court has given a landmark verdict, sentencing a man in his thirties to five years in prison for masterminding an extensive cryptocurrencycurrency scheme aimed at well-known AfreecaTV streamers and a businessman, Asia Kyungjae reports.
Scammers have targeted AfreecaTV’s top broadcasters, often known as BJ stars, using the platform’s’star balloon’ donation system.
Using the guise of a cryptocurrencycurrency investment expert, the scammer won victims’ trust by generously gifting star balloons worth approximately $0.08. These digital currencies, introduced in 2017, provide a source of revenue for streamers and can be utilized in a variety of settings.
The fraudster’s strategy included befriending a BJ star and a businessman who had previously suffered losses in cryptocurrencycurrency and stock market investments. He presented himself as affluent and knowledgeable, promising substantial returns and pledging to cover any losses with his own assets.
The court found that the scammer took more than $1.8 million from victims while falsely stating that their investments had increased to approximately $21 million.
This event comes amid warnings from national security officials about the growing prevalence of cryptocurrencycurrency and mining-related frauds in South Korea, with a recent survey revealing that the majority of victims are young women.
