South Korea Investigates KOK Token Crash, $3 Billion Lost

• South Korean lawmakers want a deeper probe into the KOK scam.
• The KOK token caused investors’ $3 billion in losses.
• KOK was priced at $7 at its peak and is now trading at $0.0007.

Lawmakers in South Korea are calling for a deeper investigation into the KOK crypto token scam and have urged the government to take action against those responsible for the token’s sudden price crash.

According to Aju Business Daily, Democratic Party lawmakers Yang Moon-seok and Min Hyung-bae want a comprehensive investigation into the cryptocurrency’s collapse, which affected over 1.86 million investors in South Korea and other countries. The KOK token was listed on eight different exchanges.

At one point during the crypto winter, the KOK token was worth $7 but as per the data from CoinMarketCap, the price of the altcoin at the time of writing stands at $0.0007151, significantly down in the past two years. This crash resulted in ₩4 trillion ($3 billion) in losses for investors.

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