South Korean Lawmakers Call For Investigation Into KOK Cryptocurrency Scam

According to BlockBeats, on October 9, during the first day of the South Korean National Assembly audit held in Seoul, lawmakers have called for a special investigation into the KOK cryptocurrency scam, which is allegedly promoted by the right-wing daily newspaper, Chosun Ilbo. Victims have accused two subsidiaries of Chosun Ilbo of knowingly promoting the fraudulent cryptocurrency despite being aware of its deceptive nature. Fraudsters leveraged these positive endorsements to reassure investors of KOK's legitimacy, which also contributed to delays in legal actions. It is estimated that the KOK incident has resulted in losses amounting to 4 trillion Korean won (approximately 2.97 billion USD) in South Korea alone.