South Korean lawmakers demand a special investigation into the KOK cryptocurrency scam involving the Chosun Ilbo

ChainCatcher news, at the national conference audit held in Seoul, lawmakers demanded a special investigation into the KOK cryptocurrency scam. According to allegations from the victims' alliance, two subsidiaries of the Chosun Ilbo were aware that KOK was a scam but still actively promoted it, resulting in a loss of 40 trillion won (approximately 2.97 billion USD).

According to the Asia Daily, IT Chosun, the business news department under the Chosun Ilbo, reported a significant milestone for KOK in April 2022. Two months later, another subsidiary, Digital Chosun, awarded KOK the "Consumer Satisfaction" award.

It is reported that the KOK token attracted nearly 2 million investors worldwide. From 2019 to 2023, investors could use the KOK PLAY platform to consume Korean dramas, movies, and games, and exchange KOK tokens for Bitcoin with a fee of 7-12%. Investors could also earn commissions by recruiting other investors; KOK essentially operated as a Ponzi scheme and multi-level marketing plan.