AfreecaTV, South Korea’s top live-streaming platform, has become the latest hunting ground for ruthless crypto scammers targeting its biggest broadcast jockey (BJ) stars. A Seoul court recently sentenced a fraudster to 5 years in prison for stealing over $1.6 million in crypto and cash from an AfreecaTV BJ and a businessman.
The scammer first gained the victims’ trust by showering them with “star balloons” worth tens of thousands of dollars on AfreecaTV. The balloons act as virtual gifts that fans can send to their favorite BJ stars during livestreams.
After the balloons cemented their newfound friendship, the scammer began communicating with the BJ via AfreecaTV’s private Whisper messaging to share crypto investing “tips.” Posing as an expert, the scammer showed the BJ fake Bitcoin wallet screenshots reflecting millions in gains and promised guaranteed returns on any investment.
Swayed by the phony credentials, the trusting BJ invested over $1.1 million in crypto with the scammer. Though the scammer claimed the investment had skyrocketed to $21 million just months later, he refused to let the BJ withdraw more than $75,000.
In truth, the scammer was drowning in debt and on the verge of bankruptcy. The judge condemned the immense financial and emotional damage inflicted, stating that BJ had lost their entire net worth. The case highlights the growing sophistication of crypto crimes in South Korea despite repeated warnings.
