According to ChainCatcher, a key figure in the multi-billion dollar KOK token scam has been arrested in the United States and is currently being tried in immigration court. South Korean authorities are working to extradite the man, and the two countries have held discussions on the matter. South Korea's Ministry of Justice declined to comment, saying the investigation is ongoing and includes information involving diplomatic relations.
The cryptocurrency KOK, launched in September 2019, was used to raise funds through a pyramid scheme, with industry experts estimating that South Koreans alone lost 4 trillion won ($2.89 billion) in the scam.
