Financial Victims Solidarity Opposes Appointment of Kim Kwanjung as Serious Crime Investigation Agency Chief Citing Coin Fraud Defense

Defense Record in the Multi-Level Coin Fraud "KOK Case"

On September 5, the Financial Victims Solidarity issued a statement opposing the appointment of Attorney Kim Kwanjung as the first head of the Serious Crime Investigation Agency, citing his record as a defense attorney in virtual asset fraud cases.

Lawyer Kim Kwanjung, recommended as a candidate for the first head of the Serious Crime Investigation Agency. The Asia Business Daily DB

In the statement, the Financial Victims Solidarity said, "Attorney Kim Kwanjung is currently defending the defendants involved in the multi-level coin fraud known as the 'KOK case.' Financial fraud victims will strongly oppose the appointment of Attorney Kim as the inaugural chief of the Serious Crime Investigation Agency."

According to the Financial Victims Solidarity, the so-called KOK case is a criminal incident in which a digital platform business promoting the consumption of various content such as films, games, and webtoons through "KOK Coin" led to tens of thousands of victims.

The executive members of the KOK Foundation, cited as the main perpetrators, were indicted at the end of 2024 on charges of scheming the business without establishing genuine channels for profit and subsequently defrauding a collective total of several trillion won from tens of thousands of investors.

Although it has been about two years since the indictment, trials for those involved are still ongoing at the Ulsan District Court.

The Financial Victims Solidarity further claimed that, according to the court's electronic records system, Attorney Kim is still listed as the legal counsel for key defendants, and argued that the possibility must be investigated as to whether his legal fees were paid using proceeds from the crime.

Attorney Kim is a 26th class graduate of the Judicial Research and Training Institute and previously served as Chief Prosecutor at the Suwon High Prosecutors’ Office, as well as head of the Criminal Intelligence Division at the Supreme Prosecutors’ Office, Special Investigation Chief of the Ulsan District Prosecutors’ Office, and Chief Prosecutor of the Seoul Eastern District Prosecutors’ Office.

The Serious Crime Investigation Agency Chief Candidate Recommendation Committee decided the previous day to recommend Attorney Kim Kwanjung, Attorney Kim Jiyong, Attorney Moon Hongjoo, and Professor Lee Yoonjae of Myongji University Law to the Minister of the Interior and Safety.

This content was produced with the assistance of AI translation services.