Investors Deceived by 'Scam Coin' through Celebrity Endorsements in Promotions
"Scam Coin" has emerged as a major crime in the virtual asset industry, with suspicions that popular YouTuber Oking and former soccer player Lee Chun-soo are involved in fraudulent virtual asset schemes. A scam coin refers to a virtual asset created for fraudulent purposes.
Last year, the prosecution directly mentioned "scam coins" in indictments, closely monitoring related crimes. The typical method of scam coin operations involves perpetrators running a compartmentalized organization, gaining victims' trust, inflating the coin's price, and then dumping their holdings at a high point.
(omitted)
There have also been cases where public officials were implicated, leading to formal complaints. The Chief of a local police department in Gyeonggi Province, known as Chief A, was reported to the Corruption Investigation Office for High-ranking Officials (CIO) after it was revealed that he met with Mr. Choi, the former CEO of W Coin. Choi is currently under investigation for another coin, G Coin, which is suspected to be a scam coin.
Attorneys Hyeonsu “Elliot” Jin and Pureun “Ian” Hong of Descent Law Firm, who filed the complaint, stated, "Despite investigating Mr. Choi, the CEO of a virtual asset company, in his jurisdiction, Chief A had personal dealings and took photographs with him. Even though he had personal involvement, he failed to report it to the National Police Agency or the Ministry of Interior and Safety, nor did he request to be recused." Chief A defended himself, saying, "I had no idea that Mr. A, who I knew as a friend's son, was involved in scam coin allegations."
