South Korea Seeks Extradition Of $3B KOK Token Scam Perpetrator From US

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As a crypto investor who has unfortunately lost a significant amount of funds in the KOK token scam, I am closely following the legal proceedings against Mr. Han with great interest and hope for justice. The estimated losses to Korean investors alone are staggering, and it’s disheartening to see how such a scheme could attract so many people, including myself.

South Korean officials are working to bring a central figure in the KOK token fraud case, known as Mr. Han, from the United States for trial. Currently detained in American custody following his arrest, Mr. Han will likely be deported to South Korea imminently for further legal proceedings.

As a researcher, I’ve uncovered that the South Korean Ministry of Justice has remained silent on the ongoing case involving Mr. Han’s arrest, explaining their reluctance to comment due to the investigation’s ongoing status and potential diplomatic repercussions. Nevertheless, behind the scenes, negotiations have been underway between the two countries regarding his repatriation since his apprehension earlier this year.

The KOK Token Scam and Legal Proceedings

As a researcher delving into the world of cryptocurrency fraud, I uncovered the alarming case of the KOK token scam that emerged in September 2019. This illicit scheme is believed to have caused a devastating loss of around 4 trillion won (approximately US$2.89 billion) for investors in South Korea alone. The allure for potential victims was the enticing promise of “guaranteed principal” and an encouragement to buy and deposit tokens.

As a crypto investor following Mr. Han’s case, I can tell you that his hearing before Judge Glenn R Baker at the Las Vegas Immigration Court is set for July 9 (local time). The outcome of this hearing will decide whether Mr. Han faces deportation or not. According to US immigration laws, there are several reasons for deportation, including infringements on immigration regulations, general criminal offenses, and genocide. In simpler terms, if Mr. Han is found guilty under any of these categories, he could be ordered to leave the country.

According to reports, Mr. Han has hired a lawyer to argue his case, suggesting that he intends to challenge the deportation order. In the event of a disagreement with the immigration court’s verdict, he can file an appeal with the Board of Immigration Appeals (BIA), which could postpone his departure to South Korea.

Current State of KOK Tokens and Ongoing Investigations

The value of the KOK token has significantly dropped since it hit a high of $7 per token in 2022. Currently, its price is below $0.01, and there is barely any trading activity taking place. On June 3, the international cryptocurrency exchange ‘KuCoin’, which handled over 90% of KOK token transactions, made an announcement to remove the tokens from their platform.

The justification given for delisting the exchange mentioned specific rules as the cause, encompassing potential issues like scant trading activity or legal infringements by the KOK Foundation team. However, certain individuals associated with the KOK Foundation have refuted these accusations against them.

Mr. Kim, who is now in charge of the KOK Foundation, has previously been cleared of any wrongdoing. He has chosen attorney Kim Kwan-jung, with a background from the Seoul Eastern District Prosecutors’ Office and Suwon High Prosecutors’ Office, to speak on his behalf. The ongoing investigation into the alleged scam involving KOK tokens aims to fully understand its scope and identify those involved, ultimately leading to their prosecution.

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2024-07-08 15:38