- South Korean lawmakers need deeper investigation into KOK fraud.
- The KOK token brought on traders $3 billion in losses.
- KOK was priced at $7 at its peak and is now buying and selling at $0.0007.
Lawmakers in South Korea are calling for a deeper investigation into the KOK crypto token rip-off and have urged the federal government to take motion in opposition to these answerable for the sudden fall within the token's worth.
In keeping with Aju Enterprise Each day, Democratic Get together lawmakers Yang Moon-seok and Min Hyung-bae need a complete investigation into the cryptocurrency collapse, which affected over 1.86 million traders in South Korea and different international locations. The KOK token was listed on eight totally different exchanges.
At one level in the course of the crypto winter, the KOK token was value $7, however in accordance with information from CoinMarketCap, the worth of the altcoin is at $0.0007151 on the time of writing, which is considerably decrease than the final two years. This crash resulted in ₩4 trillion ($3 billion) in investor losses.
Additionally Learn: This New Basis Makes Cryptocurrencies Safer in South Korea Now
The KOK Basis claims its mission is to supply a “cornerstone of alternative and information” and enhance the crooked techniques of digital media tasks utilizing blockchain expertise. The X undertaking account seems to be deserted and the final lively put up from the KOK Basis was on June 19, 2023.
Final yr, $742 million was misplaced
Traders in South Korea misplaced ₩1 trillion (about $742 million) final yr to crypto scams and fraudulent funding schemes, Chosun Biz reviews. These applications promised substantial returns, however traders have been left with nothing.
The variety of victims jumped 28% from the earlier yr, with 5,125 individuals dropping their cash. Authorities say 37% of the incidents concerned ways resembling misinformation, romance scams, pretend funding group chats and on-line scams.
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