- South Korean lawmakers need additional investigation into KOK rip-off.
- The KOK token prompted losses of $3 billion to buyers.
- KOK was priced at $7 at its peak and is now buying and selling at $0.0007.
South Korean lawmakers are calling for additional investigation into the KOK crypto token rip-off and have urged the federal government to take motion towards these liable for the token's sudden worth drop.
In line with Aju Enterprise Every day, Democratic Get together lawmakers Yang Moon-seok and Min Hyung-bae need a thorough investigation into the cryptocurrency collapse, which affected greater than 1.86 million buyers in South Korea and in different nations. The KOK token was listed on eight totally different exchanges.
At one level throughout the crypto winter, the KOK token was value $7, however based on knowledge from CoinMarketCap, the altcoin's worth on the time of writing stands at $0.0007151, a major drop in worth. of the final two years. This crash resulted in losses of 4 trillion yen ($3 billion) for buyers.
Additionally learn: Crypto now safer in South Korea because of this new basis
The KOK Basis claims to have a mission to offer the “keystone of alternative and data” and enhance the distorted programs of digital media initiatives utilizing blockchain expertise. The mission's X account appears deserted and the final lively publication from the KOK Basis dates from June 19, 2023.
$742 million misplaced final yr
Traders in South Korea misplaced 1 trillion yen (about $742 million) final yr to crypto scams and fraudulent funding schemes, based on Chosun Biz. These applications promised massive returns however left buyers with nothing.
The variety of victims jumped 28% from the earlier yr, with 5,125 individuals dropping cash. Authorities report that 37% of incidents concerned ways reminiscent of deceptive info, romance scams, faux funding group chats and on-line scams.
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