Regulation· ★★★· bearish·

South Korea audit probes Vitos links to KOK coin scam and Hana Bank stablecoin project

  • —KOK coin fraud: about 570,000 victims and 2.58 trillion won raised
  • —66 people referred to prosecutors; victims have received no compensation
  • —Lawmakers say Vitos may have taken part in Hana Bank's stablecoin project
  • —Hana Bank CEO did not confirm or deny a law firm's MOU recommendation for Vitos
Why it matters: The case raises questions about how banks vet partners and could slow institutional stablecoin projects in South Korea.
Source: Blockmedia
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