TechFlow news — On July 8, according to Sisa Journal, a key figure suspected in the multi-billion dollar KOK token fraud case has been arrested in the United States and is currently facing proceedings at an immigration court. South Korean authorities are seeking the individual's extradition, and discussions between the two countries have already taken place. The South Korean Ministry of Justice declined to comment, stating that investigations are ongoing, including matters involving diplomatic relations.
The cryptocurrency KOK, launched in September 2019, was used to raise funds through a pyramid scheme. Industry experts estimate that South Koreans alone lost 4 trillion won ($2.89 billion) in the scam.
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