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This Is How Fake Bitbuy Crypto Exchange Scammed Investors
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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
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