South Korean lawmakers Yang Moon-suk and Min Hyung-bae urged a full investigation into an alleged cryptocurrency fraud during a National Assembly audit held in Seoul on Monday. The scheme, centered around the KOK token, has caused an estimated 4 trillion won ($3 billion) in damages, impacting nearly 1.86 million investors worldwide.

Promoted through a multi-level marketing scheme, KOK tokens enticed investors with promises of monthly returns ranging from 4 to 20 percent, Korean news outlets conveyed. However, the token’s value, which once reached $7 on international exchanges, collapsed to almost zero, leading to extensive losses, particularly among middle-aged workers and retirees.

A coalition representing the victims accused Korea’s largest newspaper, Chosun Ilbo, of contributing to the scam by promoting the cryptocurrency, despite allegedly knowing of its fraudulent nature.

Attorney Lee Min-suk, who is representing the victims, raised concerns over the “suspicious timing” of Chosun Ilbo’s promotion of KOK, citing their awards and favorable coverage of the token. A lead victim, Jin Eun-ja, disclosed that a top KOK recruiter, a fugitive currently on bail in the U.S., allegedly used victims’ funds for gambling. Jin demanded Chosun Ilbo issue an apology and remove all KOK-related content.

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