BlockBeats news, on December 2, crypto investment firm Hashed partner Ryan Kim posted on social media that in 2014 Ripple Labs sold XRP in South Korea through a Ponzi scheme via the 'Ripple Market Korea' project, attracting a large number of South Korean investors. These early investors may have received substantial returns, and there is a genuine XRP community in South Korea, which is the reason for the large purchases of XRP by South Koreans.
According to a report by South Korean media in November 2014, the platform operator Ripple Market Korea completed its first round of sales within 2 hours on its opening day. The platform issued its own token RMK and promised to return transaction fee profits to users based on their holdings. At that time, the platform promoted itself with advantages such as the ability to exchange XRP with various national currencies, investment from Google Ventures, and compliance with U.S. regulations. It is worth noting that the platform also warned investors to guard against multi-level marketing practices that sold XRP at prices 10-20 times higher than market value.
