South Korean Crypto Scammers Target AfreecaTV BJ Stars
AfreecaTV BJ stars, who are popular real-time streamers on South Korea’s leading streaming platform, have fallen victim to sophisticated crypto scammers. According to a report by Asia Kyungjae, a man in his thirties has been sentenced to five years in prison for crypto-related fraud by the Seoul Central District Court.
AfreecaTV BJ Stung to Tune of $1.6m
AfreecaTV is a renowned real-time streaming platform in South Korea, and its top BJ stars have gained celebrity status. However, scammers are now targeting these stars in complex crypto fraud schemes.
- The unnamed fraudster stole crypto and cash from a BJ star and a businessman on over 30 occasions.
- The scammer gained the victims’ trust by donating star balloons worth millions of KRW (Korean won).
- AfreecaTV launched the star balloon project in 2017, where one balloon is worth around $0.08.
- Streamers use balloons as a source of income, with fans donating during livestreams.
The scammer used balloon donations to win the favor of the victims and then began communicating with them through the platform’s Whisper function. The fraudster targeted a BJ star who had expressed frustration with failed crypto and stock market investments.
Fraudster ‘Used Fake Crypto Wallet Data to Trick Victim’
The scammer posed as a crypto investment expert and showed the stars a Bitcoin wallet balance of over 3.8 million. They promised returns of two to four times if the victims followed their investment advice and even offered to compensate for any losses with their own money.
- One BJ star sent the fraudster over $7,500, followed by another payment of $1.1 million.
- In January 2022, the fraudster showed screenshots to the BJ star, claiming their investment was now worth almost $21 million.
- However, the scammer only allowed the star to access $75,000 of their funds.
The court discovered that the fraudster actually ran a failing public relations company and had debts exceeding $52,600. The BJ star suffered significant financial and mental damage as a result of the scam.
Rise in South Korean Crypto Scams
This incident is part of a larger trend of crypto scams in South Korea. A year ago, a domestic security provider warned about an increase in crypto mining-related scams. Additionally, a study in 2023 revealed that 71% of crypto scam victims in South Korea were female, with the majority being 39 years old or younger.
Hot Take: Protect Yourself from Crypto Scammers!
Crypto scams continue to be a serious threat, and it’s important for crypto enthusiasts to stay vigilant and protect themselves from scammers. Here are some tips to keep in mind:
- Be cautious of anyone promising unrealistic returns or guaranteed profits.
- Do thorough research before investing in any crypto project or following investment advice.
- Avoid sharing personal information or sensitive data with unknown individuals or platforms.
- Double-check wallet addresses and ensure you are sending funds to the correct recipient.
- Use strong passwords and enable two-factor authentication for your crypto accounts.
Remember, scammers are becoming increasingly sophisticated, so it’s crucial to stay informed and skeptical of any suspicious offers or requests. By taking proactive measures to protect yourself, you can minimize the risk of falling victim to crypto scams.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.