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South Korean authorities are seeking the extradition from the United States of the so-called Mr. Han, the organizer of a fraudulent scheme with KOK tokens, in which Korean investors lost 4 trillion won (about $2.89 billion).
According to law enforcement officials, the fraudulent scheme appeared in September 2019. The suspect, known as Mr. Han, guaranteed investors a large return on their investment. After peaking at $7 in 2022, the KOK exchange rate plummeted to $0.01. Then token trading stopped altogether — the KuCoin crypto exchange, which accounted for more than 90% of KOK's trading volume, announced the delisting of the token. The exchange mentioned KOK's low liquidity and legal violations on the part of the project team as the reason.
The losses of Korean investors who invested in the token alone are estimated at $2.89 billion. However, the fraudulent scheme has spread beyond the borders of South Korea, as the losses were also reported by citizens of the United States and Japan. The police suspect that Mr. Han is the main creator of the KOK scheme, and in 2018 he organized a similar scam in China.
Mr. Han was arrested in the United States in early 2024. The South Korean and US authorities are negotiating his return to his homeland. The hearing will be held in the Immigration Court of Las Vegas, where the issue of deportation of the accused will be decided. He has already engaged a lawyer and intends to challenge the potential return to South Korea.
According to law enforcement officials, the fraudulent scheme appeared in September 2019. The suspect, known as Mr. Han, guaranteed investors a large return on their investment. After peaking at $7 in 2022, the KOK exchange rate plummeted to $0.01. Then token trading stopped altogether — the KuCoin crypto exchange, which accounted for more than 90% of KOK's trading volume, announced the delisting of the token. The exchange mentioned KOK's low liquidity and legal violations on the part of the project team as the reason.
The losses of Korean investors who invested in the token alone are estimated at $2.89 billion. However, the fraudulent scheme has spread beyond the borders of South Korea, as the losses were also reported by citizens of the United States and Japan. The police suspect that Mr. Han is the main creator of the KOK scheme, and in 2018 he organized a similar scam in China.
Mr. Han was arrested in the United States in early 2024. The South Korean and US authorities are negotiating his return to his homeland. The hearing will be held in the Immigration Court of Las Vegas, where the issue of deportation of the accused will be decided. He has already engaged a lawyer and intends to challenge the potential return to South Korea.
