|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
KOK Token Scam: South Korea Seeks Extradition of Key Figure Mr. Han from the US
Jul 08, 2024 at 08:27 pm
South Korean authorities are seeking the extradition of a key figure in the KOK token scam from the United States. The suspect, identified only as Mr. Han, has been arrested in the US and is currently facing proceedings in an immigration court.
South Korean authorities are seeking the extradition of a key figure in the KOK token scam from the United States. The suspect, identified only as Mr. Han, has been arrested in the US and is currently facing proceedings in an immigration court. He is expected to be deported back to South Korea in the near future.
The South Korean Ministry of Justice has refrained from commenting on the case, citing the ongoing nature of the investigation and its implications for diplomatic relations. However, it has been revealed that discussions between the two countries regarding Mr. Han’s repatriation have been taking place since his arrest earlier this year.
The KOK Token Scam and Legal Proceedings
The KOK token scam, which was launched in September 2019, is estimated to have caused losses of approximately 4 trillion won (about US$2.89 billion) to Korean investors alone. The scheme attracted investors by promising “guaranteed principal” and encouraging the purchase and deposit of tokens. Mr. Han is believed to be a key figure in planning the KOK revenue model shortly after the failure of a similar coin scheme in China in 2018. The scam’s impact has reportedly extended beyond Korea, with cases of losses also reported in the United States and Japan.
Mr. Han’s case is scheduled to be heard by Judge Glenn R Baker of the Las Vegas Immigration Court on July 9 (local time). The hearing will determine whether Mr. Han should be deported. Under US law, residents can be deported for various reasons, including violations of immigration law, general criminal offenses, and genocide. The specific procedure involves arrest by personnel such as those from the U.S. Department of Homeland Security, determination of bail within 48 hours, and issuance of a ‘Notice to Appear’ order.
Mr. Han has reportedly appointed a lawyer to represent him, indicating his intention to contest the deportation decision. If he disagrees with the immigration court’s ruling, he may appeal to the Immigration Appeals Board (BIA). This process could potentially delay his return to South Korea.
Also Read: Chainlink Whales Bag Over 6.2M Coins Amid LINK Weekly Correction, Rebound Ahead?
Current State of KOK Tokens and Ongoing Investigations
The KOK token’s value has plummeted since its peak in 2022, when it reached $7 per token. It has since fallen below $0.01, and trading has virtually ceased. On June 3, the overseas exchange ‘KuCoin‘, which accounted for over 90% of KOK token trading volume, announced the delisting of KOK tokens.
The exchange cited special regulations as the reason for delisting, which can include factors such as low liquidity or legal violations by the token issuance team. Despite these developments, some individuals involved in the KOK Foundation have denied the allegations against them.
Mr. Kim, who reportedly took over the operation and management of the KOK Foundation, claims to have been “acquitted in the past.” He has appointed lawyer Kim Kwan-jung, formerly of the Seoul Eastern District Prosecutors’ Office and Suwon High Prosecutors’ Office, to represent him. The investigation into the KOK token scam continues, with authorities working to unravel the full extent of the scheme and bring those responsible to justice.
Also Read:
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Dogecoin Creator Billy Markus Tells the Community the Specific Code to Change to Get Rid of the Inflation, before Politely Asking the Community to Stop Bothering Him About It
- Nov 14, 2024 at 08:25 pm
- There's long been consternation in the Dogecoin community over the coin's inflationary tokenomics — billions of DOGE are added to the circulating supply every year
-
- These Are Three of the Best Cryptocurrencies to Buy Right Now Before They Skyrocket
- Nov 14, 2024 at 08:25 pm
- Bitcoin (CRYPTO: BTC) leading the way by setting a new all-time high of over $88,000. This rally has ignited excitement across the board, driving up prices and drawing fresh interest in crypto.
-
- PEPE Coin Price Challenging The $0.00002387 Resistance After Coinbase Listing, But Will FOMO Buying Its L2 Challenger PEPU Steal Its Limelight?
- Nov 14, 2024 at 08:25 pm
- The Pepe coin price went ballistic, surging over 73% in the last 24 hours to trade at $0.00002261 as of 4:38 a.m. EST as a buyer frenzy erupts around the meme coin.
-
- Ripple's XRP and JetBolt Steal the Spotlight in a Market Buzzing with Movement
- Nov 14, 2024 at 08:25 pm
- In a market buzzing with movement, Ripple's XRP and JetBolt are grabbing the spotlight for different reasons—XRP with its bold price rally and ongoing quest to reach $1, and JetBolt with its innovative zero-gas technology and impressive presale success.