Edaily reported that after receiving tips about the KOK Coin multi-level marketing (MLM) scam, which caused 2.5 trillion won in damages to 570,000 people domestically and internationally, and conducting on-chain fund movement analysis, it was revealed that over 120 billion won in assets were hidden through domestic and international exchanges from virtual asset wallets believed to belong to the company behind the KOK Coin MLM scam. From January to October 2022, outflows totaling 91.9 million dollars, including cashouts and coin transfers, were confirmed through eight domestic and international virtual asset exchanges. The group that issued KOK Coin since 2019 promoted that by depositing Bitcoin and other assets, investors could receive monthly rewards (compensation) in a manner similar to staking. They also ran multi-level marketing, claiming that bringing in other investors and having them deposit funds could generate fixed monthly profits of hundreds of millions of won.
