South Korea seeks extradition from the US of the leader of the $2.89 billion KOK token scheme

Investors Beware: KOK Token Fraud Scheme Uncovered

Law enforcement agencies recently revealed a fraudulent scheme related to the KOK token, orchestrated by a suspect identified as Mr. Han. Promising huge profits, the KOK token’s value peaked at $7 in 2022, only to plummet to $0.01, leading to its suspension on KuCoin exchange.

South Korean investors alone suffered losses of $2.89 billion, with victims from the US and Japan also affected. Mr. Han, believed to be the mastermind, was arrested in the US in 2024 and faces extradition back to South Korea, sparking legal challenges.

In response, South Korea has tightened altcoin listing requirements and enacted harsh penalties for digital asset theft, aiming to prevent future scams and safeguard investors.