Security· ★★★★· bearish·

South Korea's FSC to probe banks over $1.9B KOK Coin scandal

  • —Estimated losses from the KOK Coin scheme reached 2.58 trillion won, with about 570,000 victims
  • —The FIU is reviewing account flows and suspicious transactions with police and prosecutors
  • —The scheme ran since 2019, promising deposit rewards and multi-level investment returns
  • —The FSC chief said the digital asset crime response system may be overhauled
Why it matters: The case could expose banks' role in South Korea's largest crypto fraud and tighten regulation of the sector.
Source: Bloomingbit
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