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Victims of the KOK token scam have accused Chosun Ilbo, the largest daily newspaper in the Republic of Korea, as well as its subsidiaries IT Chosun and Digital Chosun Ilbo of advertising a cryptocurrency scam.
The class action lawsuit states that in April 2022, IT Chosun, a subsidiary of Chosun Ilbo, disseminated information about the launch of the KOK token transaction server and the KOK Play passive income platform. Two months later, Digital Chosun Ilbo, another subsidiary of the newspaper, announced the award ceremony and the presentation of the main prize "For Consumer Satisfaction" to the KOK Foundation.
The daily itself periodically advertised the KOK Foundation's promises of returns of up to 20% per month for staking KOK tokens, which enticed about 2 million investors to buy tokens and contribute to the KOK Play platform, the plaintiffs believe.
The KOK (Keystone of Opportunity and Knowledge) token was promoted by the KOK Foundation through a multi-level marketing scheme. At its peak, the price of KOK was $7, and now the coin is trading at $0.00063. All this led to a total loss of about 4 trillion won ($2.9 billion) for investors.
Victims of the scam said that after the first concerns about the KOK Foundation's fraudulent activities and the scam regarding the KOK token, the company's employees reassured concerned investors, citing articles from the "respected publication Chosun Ilbo in the country."
According to Aju Business Daily, the South Korean authorities and the victims of the KOK Foundation intend to investigate the collapse of the KOK financial scheme, as well as determine the degree of responsibility of Chosun Ilbo, which provided "extensive coverage of events that gave the KOK token legitimacy".
The class action lawsuit states that in April 2022, IT Chosun, a subsidiary of Chosun Ilbo, disseminated information about the launch of the KOK token transaction server and the KOK Play passive income platform. Two months later, Digital Chosun Ilbo, another subsidiary of the newspaper, announced the award ceremony and the presentation of the main prize "For Consumer Satisfaction" to the KOK Foundation.
The daily itself periodically advertised the KOK Foundation's promises of returns of up to 20% per month for staking KOK tokens, which enticed about 2 million investors to buy tokens and contribute to the KOK Play platform, the plaintiffs believe.
The KOK (Keystone of Opportunity and Knowledge) token was promoted by the KOK Foundation through a multi-level marketing scheme. At its peak, the price of KOK was $7, and now the coin is trading at $0.00063. All this led to a total loss of about 4 trillion won ($2.9 billion) for investors.
Victims of the scam said that after the first concerns about the KOK Foundation's fraudulent activities and the scam regarding the KOK token, the company's employees reassured concerned investors, citing articles from the "respected publication Chosun Ilbo in the country."
According to Aju Business Daily, the South Korean authorities and the victims of the KOK Foundation intend to investigate the collapse of the KOK financial scheme, as well as determine the degree of responsibility of Chosun Ilbo, which provided "extensive coverage of events that gave the KOK token legitimacy".
