Two South Korean lawmakers have called for a full investigation into the KOK token after its value collapsed to almost zero. Victims have accused Korea’s largest newspaper of promoting the scam, sparking concerns about its role. The alleged cryptocurrency fraud has caused an estimated $3 billion in losses, affecting about 1.86 million investors worldwide.
South Korean Lawmakers Call for Full Investigation Into KOK Token Crash
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Korean Lawmakers Seek Investigation Into KOK Crypto
South Korean lawmakers Yang Moon-suk and Min Hyung-bae urged a full investigation into an alleged cryptocurrency fraud during a National Assembly audit held in Seoul on Monday. The scheme, centered around the KOK token, has caused an estimated 4 trillion won ($3 billion) in damages, impacting nearly 1.86 million investors worldwide.
Promoted through a multi-level marketing scheme, KOK tokens enticed investors with promises of monthly returns ranging from 4 to 20 percent, Korean news outlets conveyed. However, the token’s value, which once reached $7 on international exchanges, collapsed to almost zero, leading to extensive losses, particularly among middle-aged workers and retirees.
A coalition representing the victims accused Korea’s largest newspaper, Chosun Ilbo, of contributing to the scam by promoting the cryptocurrency, despite allegedly knowing of its fraudulent nature.
Attorney Lee Min-suk, who is representing the victims, raised concerns over the “suspicious timing” of Chosun Ilbo’s promotion of KOK, citing their awards and favorable coverage of the token. A lead victim, Jin Eun-ja, disclosed that a top KOK recruiter, a fugitive currently on bail in the U.S., allegedly used victims’ funds for gambling. Jin demanded Chosun Ilbo issue an apology and remove all KOK-related content.
What are your thoughts on the widespread fraud involving the KOK token and the accusations against news outlet Chosun Ilbo? Let us know in the comments section below.
