- South Korean lawmakers need a deeper investigation into the KOK rip-off.
- KOK token price traders $3 billion in losses.
- KOK value peaked at $7 and is at present buying and selling at $0.0007.
South Korean lawmakers are calling for additional investigation into the KOK crypto token rip-off and calling on the federal government to take motion in opposition to these chargeable for the sudden collapse in token costs.
In response to Aju Financial Each day, Democratic Occasion Reps. Yang Moon-seok and Min Hyun-bae need a complete investigation into the cryptocurrency crash that affected greater than 1.86 million traders in South Korea and different international locations. It’s mentioned that there’s. KOK token was listed on eight totally different exchanges.
At one level within the crypto winter, the worth of the KOK token was $7, however on the time of writing, the altcoin's value was $0.0007151, in response to knowledge from CoinMarketCap, which has fallen considerably over the previous two years. The crash price traders 4 trillion received ($3 billion) in losses.
Additionally learn: South Korean cryptocurrency is now safer due to this new basis
The KOK Basis claims to have a mission to offer “keystones of alternative and data” and enhance the distorted system of digital media tasks with the assistance of blockchain expertise. The mission's X account seems to have been deserted, with the final energetic publish from the KOK Basis on June 19, 2023.
$742 million was misplaced final 12 months
In response to Chosun Biz, Korean traders misplaced 1 trillion received (roughly $742 million) final 12 months to cryptocurrency scams and fraudulent funding schemes. These schemes promised large income however left traders with nothing.
The variety of victims elevated by 28% from the earlier 12 months, with 5,125 folks struggling losses. Officers report that 37% of incidents concerned techniques akin to false info, romance scams, faux funding group chats, and on-line fraud.
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