Victims of the KOK crypto scam have accused South Korea’s largest daily newspaper, Chosun Ilbo, of playing a key role in promoting the fraudulent token. The scheme, which caused approximately $2.97 billion in losses, was allegedly endorsed by Chosun Ilbo subsidiaries IT Chosun and Digital Chosun Ilbo, according to reports from the Ajlu press.

Promoting the KOK Scheme

The victims’ coalition claims that these outlets gave KOK extensive media coverage, which legitimised the project to the public. Coverage included reports on the launch of KOK’s transaction server and the company receiving a grand prize for consumer satisfaction. This, according to the coalition’s leader Jin Eun-ja, contributed to misleading investors into trusting the token even as concerns emerged.

Call for Investigation

Attorney Lee Min-suk, representing the victims, criticised the timing of Chosun Ilbo’s coverage, suggesting it gave the scam credibility and drew in more investors. Lee called for a special investigation to determine if Chosun Ilbo’s actions helped key figures in the scam avoid legal repercussions. The Ulsan District Prosecutor’s Office is currently investigating the case but has yet to deliver significant results.

Political Pressure Mounts

South Korean lawmakers have also called for a deeper probe into the KOK scheme. Democratic Party representatives Yang Moon-suk and Min Hyung-bae raised the issue in the National Assembly, alleging the KOK operation was a multi-level marketing scam that impacted 1.86 million investors globally. Despite the scam’s collapse, the KOK token remains live on several exchanges, though its value has plummeted from a peak of $6.83 to less than $0.001.