TechFlow news: On December 2, Ryan Kim, partner at Hashed—the largest crypto venture capital firm in South Korea—posted on social media stating that in 2014, Ripple Labs sold XRP in South Korea through the "Ripple Market Korea" project using a Ponzi scheme model, attracting a large number of Korean investors. These early investors may have already achieved substantial returns. South Korea has a genuine XRP community, which explains why Koreans are buying XRP in large quantities.
According to a November 2014 report by South Korean media, Ripple Market Korea, the platform operator, completed its first round of sales within two hours of launching. The platform issued its own token, RMK, and promised to distribute trading fee revenues proportionally based on users' holdings. At the time, the platform promoted XRP by highlighting its ability to be exchanged with various fiat currencies, its investment backing from Google Ventures, and its compliance with U.S. regulations. Notably, the platform also warned investors about multi-level marketing schemes attempting to sell XRP at prices 10 to 20 times higher than market value.
