South Korean lawmaker claims Kim & Chang adviser promoted Vitoz partnerships in KOK probe

South Korean Democratic Party lawmaker Lee Kang-il stated during a parliamentary audit of the Financial Supervisory Service on Oct. 19 that a Kim & Chang adviser with ties to the Financial Supervisory Service encouraged financial companies to sign MOUs with Vitoz. Vitoz is allegedly linked to the KOK Coin multilevel fraud case, which Lee claims resulted in 2.5 trillion won in losses for 570000 victims domestically and internationally. Lee cited multiple unnamed sources indicating that companies seeking to join Hana Bank's stablecoin consortium were directed by Hana Bank's president to consult a specific law firm adviser, who then encouraged them to pursue MOUs with Vitoz. In response, Financial Supervisory Service Governor Lee Chan-jin confirmed he had received a brief report regarding Vitoz.

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