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More than 120 billion won in assets linked to the company believed to be behind the KOK coin multilevel fraud case was concealed through South Korean and overseas exchanges, Edaily reported after reviewing tips and conducting on-chain fund flow analysis.
According to Edaily, outflows totaling $91.9 million were identified between January and October 2022 through eight South Korean and overseas crypto exchanges, including cash-outs and coin transfers. The outlet said the KOK coin scheme affected 570,000 people in South Korea and abroad, with total damage estimated at 2.5 trillion won. Since 2019, the group that issued KOK coin had promoted the token by claiming users could deposit Bitcoin and other assets and receive monthly rewards through a staking-like structure. It also used multilevel marketing, telling participants they could earn fixed monthly returns of up to hundreds of millions of won by bringing in and depositing funds from other investors.