Korean News Outlet Chosun Ilbo Accused of Promoting KOK Crypto Scam
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Chosun Ilbo, South Korea’s largest newspaper, is under fire for allegedly promoting the KOK cryptocurrency scheme, a fraudulent operation that caused $2.97 billion in losses, as reported by Aju Press on Tuesday.
KOREAN NEWS GIANT UNDER FIRE FOR PROMOTING $3B KOK CRYPTO SCAM
Victims of the KOK crypto scam are calling out Chosun Ilbo, South Korea’s largest newspaper, for allegedly legitimizing a scheme that cost nearly $3 billion.
Investors say the paper’s subsidiaries gave the KOK… pic.twitter.com/qpM6SvZY3V
A coalition of victims claims that Chosun Ilbo and its subsidiaries—IT Chosun and Digital Chosun Ilbo—misled the public by presenting the KOK token as a legitimate investment opportunity.
Victims of the KOK scam argued that the media outlets provided extensive, favorable coverage, lending credibility to the token.
Reports highlighted the launch of KOK’s main transaction server and mentioned consumer satisfaction awards, bolstering the scheme’s image.
According to coalition leader Jin Eun-ja, these media endorsements likely extended the life of the scam, leading to massive financial losses for unsuspecting investors.
Attorney Lee Min-suk, representing the victims, emphasized that the timing of Chosun Ilbo’s coverage raises suspicions.
He suggested that the newspaper’s support might have helped the key figures behind the crypto scam avoid legal repercussions in its early stages.
As the fallout from the KOK scam continued, both victims and lawmakers began pressing for greater accountability.
The Ulsan District Prosecutor’s Office is
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