From BigGo Finance · BigGo Finance · · 1m 50s
KOK Coin Fraud: ₩69.8B Frozen After 4-Year Gap
South Korean police freeze ₩69.8 billion in KOK Coin fraud funds after tracing first movement in 4 years.
In brief
South Korean police freeze ₩69.8 billion in KOK Coin fraud funds after tracing first movement in 4 years. South Korean police have frozen ₩69.8 billion of ₩2.5 trillion in KOK Coin fraud funds, marking the first fund movement in four years. Originally reported by BigGo Finance.
KOK Coin Fraud Funds Frozen
South Korean police have confirmed ₩69.8 billion of ₩2.5 trillion KOK Coin fraud funds are subject to disposal prohibition measures.
17.3% of Forfeited Funds
This represents only 17.3% of the ₩404.4 billion in pre-indictment forfeiture and collection preservation orders granted by court.
Ethereum Moved After 4 Years
Approximately ₩8.8 billion worth of Ethereum was recently moved from a dormant wallet that had been inactive for 4 years and 9 months.
Converted to Bitcoin
The funds were converted into 82.517 Bitcoin via a bridge service (Hyperunit) with no further movement recorded.
Police Unable to Decrypt Wallets
Authorities have been unable to decrypt seized cold wallets due to suspects' password concealment.
Hidden Assets Unknown
The scale of hidden assets remains unknown as police cannot confirm the virtual assets stored in seized wallets.
Victim Recovery Delayed
The first criminal trial is ongoing, preventing immediate return of frozen funds to victims.
Trial Outcomes Impact Recovery
Victim recovery could shift based on trial outcomes, including guilty verdicts or dropped charges.
Police Launch Pre-Booking Investigation
Police initiated a pre-booking investigation after detecting Ethereum movements from a dormant wallet.
On-Chain Activity Detected
Core Security reported 2,600 Ethereum transferred to a suspect wallet on December 15, 2.6 billion in value.
Funds Converted to Bitcoin
The funds were converted into 82.517 Bitcoin via a bridge service (Hyperunit) with no further movement recorded.
Police Monitor for Laundering
Authorities are monitoring for money laundering attempts after detecting recent fund movements.
At a glance
South Korean police have frozen ₩69.8 billion of ₩2.5 trillion in KOK Coin fraud funds, marking the first fund movement in four years.
