South Korea Investigates KOK Token Crash, $3 Billion Misplaced

• South Korean lawmakers desire a deeper probe into the KOK rip-off.
• The KOK token brought on buyers’ $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 towards these liable for the token’s sudden value crash.

In accordance with Aju Enterprise Every day, Democratic Get together lawmakers Yang Moon-seok and Min Hyung-bae desire a complete investigation into the cryptocurrency’s collapse, which affected over 1.86 million buyers in South Korea and different international locations. The KOK token was listed on eight totally different exchanges.

At one level throughout the crypto winter, the KOK token was value $7 however as per the information from CoinMarketCap, the worth of the altcoin on the time of writing stands at $0.0007151, considerably down previously two years. This crash resulted in ₩4 trillion ($3 billion) in losses for buyers.

Learn additionally : Crypto Now Safer in South Korea Due to This New Basis

The KOK Basis claims to have a mission of delivering “Keystone of Alternative and Information” and bettering the distorted techniques of digital media initiatives with the assistance of blockchain expertise. The undertaking’s X account appears to be deserted and the final energetic submit from KOK Basis was on June 19, 2023. 

$742 Million Misplaced Final 12 months

Traders in South Korea misplaced ₩1 trillion (roughly $742 million) final yr to crypto scams and fraudulent funding schemes, based on Chosun Biz. These schemes promised important 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 the incidents concerned techniques like misleading info, romance scams, pretend funding group chats, and on-line scams.