Klaytn

<p>A South Korean civic group, known as Economic Democracy 21, <a href="https://newsis.com/view/?id&#61;NISX20230913_0002449285&amp;cID&#61;10201&amp;pID&#61;10200" rel="noopener noreferrer nofollow">filed</a> on Wednesday a prosecution complaint against Kim Beom-soo, the former chairman of the internet giant Kakao, and several executives from Kakao’s affiliated companies. The allegations at hand pertain to embezzlement, specifically revolving around the virtual asset known as KLAY.</p><h2 id="header-0">Klaytn’s native token</h2><p>KLAY represents the native token of the Klaytn blockchain, which was developed by GroundX, a blockchain subsidiary of Kakao.</p><h2 id="header-1">Legal breach claims</h2><p>The complaint, formally submitted to <a href="https://medium.com/&#64;coinness.gl/koreas-intragovernment-group-launched-to-thwart-crypto-related-crimes-a0d77365e29c" rel="noopener noreferrer nofollow">the joint crypto-crime investigation division</a> of the Seoul Southern District Prosecutors’ Office, asserts that Kakao executives have breached the Act on the Aggravated Punishment of Specific Economic Crimes and the Capital Markets Act.</p><h2 id="header-2">Clandestine pre-sales</h2><p>Within the detailed complaint, Economic Democracy 21 alleges that following the issuance of KLAY, Kakao’s executives conducted private pre-sales of KLAY tokens before their official listing. These pre-sales activities reportedly raised between KRW 150 billion and 300 billion ($113 million and $226 million). The accusation is that these funds were not channeled into business endeavors, but rather diverted for personal use.</p><p>The complaint also contends that Kim and other executives withdrew KLAY tokens from the company under the guise of investments, compensation, and service fees related to “overseas investment business” since 2022. The civic group further asserted that these corporate leaders employed a program to manipulate transaction records, presumably with the intent of preventing third parties from discovering the nature of these transactions.</p>

Civic Group Files Embezzlement Complaint Against Former Kakao Chairman Over KLAY Tokens

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