CandleFocus Korean news giant Chosun Ilbo accused of supporting $3 billion KOK crypto scam
2024-10-08
Author: Content Editor
Victims of the KOK crypto scam are accusing South Korea's largest daily newspaper, Chosun IIbo, of promoting the fraudulent scheme. The victims claim that IT Chosun and Digital Chosun Ilbo, subsidiaries of Chosun IIbo, provided extensive coverage that gave legitimacy to the KOK token scheme. They assert that these endorsements misled investors into trusting the project, resulting in significant financial losses. The victims' coalition is calling for a special investigation into Chosun IIbo's actions and the potential role it played in aiding key figures in the scam. Additionally, Democratic Party lawmakers are pushing for a thorough investigation into the KOK debacle, which they allege involved a multi-level marketing scheme that caused billions of dollars in damages. The value of the KOK token has plummeted since its peak in February 2022, but it remains listed on several centralized exchanges. In separate news, South Korean regulators await the extradition of Do Kwon, the founder of Terraform Labs, who is facing charges related to an alleged $40 billion cryptocurrency fraud.
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