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

South Korean Police Raid Winnerz Offices in Scam Coin Probe

South Korean police have conducted raids on the offices of the sports-themed blockchain platform Winnerz as part of an investigation into allegations surrounding its WNZ token.

Police Raids and Investigations

The Seoul Metropolitan Police Agency’s criminal task force revealed that they searched and seized evidence from two locations, including a Winnerz office in Gangnam, Seoul, and the former CEO Choi Seung-jeong’s residence on April 1.

Legal Actions and Allegations

A court warrant was issued to search the premises based on suspicions of fraud and coercion under the Act on Aggravated Punishment for Specific Economic Crimes.

Denials and Controversies

Despite allegations, several South Korean celebrities, sports stars, and social media personalities have denied any involvement with Choi and Winnerz.

Investor Accusations and Investigations

An anonymous post from investors accused Winnerz of running a “multi-level scam” operation on February 2, sparking controversy and reopening discussions about the Golden Goal (GDG) token, also labeled a “scam coin.”

Regulatory Involvement

Although WNZ is listed on international crypto exchanges, South Korean investors have lodged complaints with the Financial Services Commission (FSC). The FSC referred the case to the police, who are investigating multiple complaints related to WNZ independently.

Legal Actions and Arrests

Following investigations, police arrested the Golden Goal CEO on fraud charges. The Seoul Southern District Prosecutors’ Office’s Virtual Asset Joint Investigation Unit is also looking into fraud allegations against Choi.

Response from K-pop Stars

K-pop stars Choi Si-won and Cho Hyun-young have denied any involvement in the “Winnerz Coin controversy,” emphasizing their lack of connection to the alleged scam coin.