On the primary day of a dramatic Nationwide Meeting audit in Seoul, lawmakers demanded a particular investigation into the KOK cryptocurrency rip-off which will have been promoted by South Korea’s right-wing high every day paper, the Chosun Ilbo.
In line with Aju Press, a coalition of victims is accusing two subsidiaries of Chosun Ilbo of selling the crypto regardless of understanding that it was fraudulent. Jin Eun-ja, the coalition’s chief, believes these optimistic promotions had been then utilized by scammers to reassure involved buyers that KOK was authentic — and that the newspaper contributed to a delay in prosecution.
It’s estimated that KOK has prompted 4 trillion gained ($2.97 billion) in damages in South Korea alone.
South Korea’s investigation into the KOK crypto fraud is led by the Ulsan District Prosecutor’s Workplace and has been ongoing for a number of years. No important breakthroughs have been made, however South Korea continues to be awaiting the extradition of a serious KOK suspect recognized solely as ‘Mr. Han.’ He was arrested within the US earlier this yr and is reportedly playing with victims’ money whereas out on bail.
The coalition of victims have subsequently known as for a separate, extra thorough probe to expedite accountability — sentiments which had been reportedly echoed by Democratic Get together lawmakers Yang Moon-suk and Min Hyung-bae in the course of the audit on Monday.
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Chosun Ilbo gave grand prize to KOK crypto rip-off
The KOK token attracted almost 2 million buyers worldwide from 2019 to 2023. Korean motion pictures and video games offered on its content material platform, KOK PLAY, could possibly be consumed with KOK tokens, which in flip could possibly be exchanged for bitcoin at a 7-12% fee.
Buyers would additionally obtain commissions for luring in different buyers, basically working as a Ponzi scheme and multi-level advertising scheme.
In line with Aju Press, an necessary KOK milestone was reported on by Chosun Ilbo’s enterprise information arm, IT Chosun, again in April 2022. Two months later, KOK was awarded a grand prize for “consumer satisfaction” by one other subsidiary, Digital Chosun.
This isn’t the primary (or second) time that the newspaper has confronted allegations of wrongful reporting. Its former editor Tune Hee-young was accused of receiving 100 million gained ($72,000) from a transport agency and its PR company in alternate for favorable protection and a luxurious journey to Europe.
In a twist of occasions, Tune was sentenced to at least one yr in jail and two years probation earlier than an appeals courtroom discovered him not responsible. This choice was then overturned by the Supreme Courtroom in March; the excessive courtroom is anticipated to reopen his case.
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