Friday, October 18, 2024 – Chosun Ilbo, South Korea’s largest newspaper, is being criticized for allegedly promoting the KOK cryptocurrency scam, a scheme that caused losses amounting to $2.97 billion.
According to Aju Press, a coalition of victims has accused the newspaper, along with its subsidiaries IT Chosun and Digital Chosun Ilbo, of presenting KOK as a legitimate investment.
Victims claim that Chosun Ilbo’s favorable coverage, including reports on the launch of KOK’s main server and awards related to consumer satisfaction, added credibility to the fraudulent token.
Coalition leader Jin Eun-ja pointed out that the newspaper’s support helped prolong the scam’s existence, leading to massive financial losses.
Attorney Lee Min-suk, representing the victims, suggested that Chosun Ilbo’s coverage may have shielded key figures from legal repercussions.
Investigations are ongoing, but no significant developments have been reported by the Ulsan District Prosecutor’s Office. One of the main figures behind the scam remains at large in the U.S. and is awaiting extradition to South Korea.
Lawmakers, including Democratic Party representatives Yang Moon-suk and Min Hyung-bae, called for a comprehensive probe into the KOK scam during a National Assembly audit on October 7. The scheme reportedly affected 1.86 million investors, with total losses estimated at 4 trillion won (around $2.97 billion).
Despite the token’s collapse from a peak of $6.83 in February 2022 to $0.0003129, KOK is still traded on exchanges like ByBit and Gate.io. The lack of communication from the project’s operators has increased concerns about the fate of remaining investor funds.
