South Korea seeks extradition from US of key suspect in $2.89 billion KOK token scam

On July 8, it was reported that the point person suspected of a multi-billion dollar KOK token fraud case has been arrested in the United States and is currently standing trial in an immigration court. South Korean authorities are working to extradite the person, and the two countries have discussed the matter. The South Korean Ministry of Justice declined to comment, saying that the investigation is still ongoing, which includes information involving diplomatic relations. The cryptocurrency KOK, launched in September 2019, was allegedly used to raise funds through a pyramid scheme, and industry experts estimate that Koreans alone lost 4 trillion won ($2.89 billion) in the scam.