Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

South Korean Police Raid Winnerz Offices Over ‘Scam Coin’ Allegations

South Korean police have raided the offices of the sports-themed blockchain platform Winnerz as part of a probe into claims its WNZ token is a “scam coin.”

Per the newspaper Money Today, the Seoul Metropolitan Police Agency’s criminal task force announced on April 16 that it had searched and seized evidence from two locations.

WNZ prices over the past 24 hours. (Source: CoinMarketCap)

South Korean Police Raid Two Addresses

Police said they raided a Winnerz office in Gangnam, Seoul, and the home of the former Winnerz CEO Choi Seung-jeong on April 1.

A court warrant granted police the right to search premises on suspicions of fraud and coercion under the Act on Aggravated Punishment for Specific Economic Crimes.

Several South Korean celebrities, sports stars, and social media personalities have denied links to Choi and Winnerz in recent months.

K-pop Stars Choi Si-won, Cho Hyun-young Deny South Korean ‘Scam Coin’ Involvement

K-pop stars Choi Si-won and Cho Hyun-young have denied allegations that they were involved in promoting so-called South Korean “scam coins.”#CryptoNews #SouthKorea

— (@cryptonews) February 16, 2024

This followed a viral anonymous post from a group of anonymous investors who accused Winnerz of operating a “multi-level scam” operation on February 2.

The post has sparked controversy about both Winnerz and Choi. It has also reopened controversy over a token named Golden Goal (GDG), which some claim is a “scam coin.”

WNZ has been listed on overseas crypto exchanges. However, several South Korean investors have filed complaints about the token to the regulatory Financial Services Commission (FSC).

The FSC has since passed the case on to the police, the media outlet explained. The police are investigating two other WNZ-related complaints, independent of the FSC’s own request.

Officers reportedly believe that Choi “had previously been in charge of promoting” GDG. The media outlet called GDG “a suspected crypto fraud worth billions of KRW.”

‘Scam Coin’ Controversies Continue

On March 28, police officers arrested the Golden Goal CEO – surnamed Kim – and charged him with fraud-related offenses.

The Seoul Southern District Prosecutors’ Office’s Virtual Asset Joint Investigation Unit – the nation’s top anti-crypto crime division – began investigating Choi on related fraud charges late last month.

WNZ prices appear to have taken a tumble on the news.

K-pop stars such as Choi Si-won, of the all-male group Super Junior, and Cho Hyun-young, a former member of the all-female act Rainbow, denied links to the “Winnerz Coin controversy” in mid-February.

The post South Korean Police Raid Winnerz Offices Over ‘Scam Coin’ Allegations appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...


    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024