South Korea audit flags KOK $1.9B fraud: FIU cannot trace criminal funds
- —KOK fraud losses are estimated at 2.6 trillion won with roughly 570,000 victims
- —A suspected KOK wallet moved 2,602 ETH after 4 years and 9 months of inactivity
- —The funds passed through intermediary wallets and bridges before being converted to BTC
- —The lawmaker urged linking FSC supervision, FIU analysis and investigative data
Why it matters: The KOK case could accelerate reform of South Korea's AML oversight and tighten tracing requirements for crypto firms.
Source: Blockmedia
More on this
Security · 16:17Korean lawmaker: KOK fraud losses reach 2.58 trillion won, calls for FIU-investigator link
Regulation · Sep 22South Korea's FIU to deploy Chainalysis on-chain analytics to trace crypto crime funds
Security · 16:09South Korea's FSC to probe banks over $1.9B KOK Coin scandal