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‘KOK Token Fraud Controversy’ Medium is suspected of stealing funds after acquiring a KOSDAQ listed company

Medium acquires KOSDAQ-listed Biyu Technology through its affiliates
Viu Technology invested 10 billion won in Medium
Claimed, “We intend to continue the business by acquiring a listed company that will serve as the face of the company.”
Viyu Technology's management worsened after being acquired
Reporter Kim Tae-ho
Entered 2023.11.29. 16:05Update

Graphics = Son Min-kyun

Medium, a blockchain company that is under investigation for the controversy over the 4 trillion won ‘KOK token’ fraud, is embroiled in suspicions that it took over the management rights of a KOSDAQ listed company using another company and then embezzled 10 billion won worth of company funds. As a result, the listed company is said to be experiencing difficulties due to worsening fundamentals and financial structure.

According to the Financial Supervisory Service's Information Disclosure System on the 29th, KOSDAQ-listed Biyu Technology (formerly Eight One) signed a contract with Medium for the transfer of Busan City's business on April 26 and paid 3.1 billion won.

This business was virtually halted in March last year as controversy over Medium's Kok token fraud arose. Vieux Technology impaired all of the funds it invested in acquiring an already discontinued business. Afterwards, in the third quarter, a blockchain business contract worth 7 billion won was signed with Medium again.

In the financial and virtual asset industries, suspicions are being raised that Medium is absorbing funds through business contracts after taking over the management rights of Vieux Technology through a company called Fides Holdings. Fides Holdings was established on December 14 of last year and is currently the majority shareholder of Vieux Technology.

Fides Holdings invested 5 billion won on January 30, immediately after its establishment, to purchase convertible bonds (CB) of Viu Technology. Then, on February 6, Viu Technology provided a payment guarantee for the business transfer performance deposit of 2 billion won to be paid to Medium.

Afterwards, Fides Holdings' acquisition of Vieux Technology progressed quickly. On March 23, Mr. Lee (38), CEO of Fides Holdings, became the sole representative of Biyu Technology. On April 21, he participated in the paid-in capital increase of Biyu Technology and became the majority shareholder, securing 9,032,259 shares (KRW 7,072,500).

? Claims, “Medium uses listed companies as ‘face madam’ to sustain business.”

In the process of Fides Holdings taking over management rights, Vieux Technology signed a series of business contracts with Medium. The total amount of money paid by Vieux Technology to Medium through the Busan City blockchain business, which was damaged, and the additional business concluded afterward, exceeds 10 billion won. It is similar in size to the funds invested by Fides Holdings to acquire Vieux Technology.

What is noticeable is that there is strong evidence that Fides Holdings is a company closely related to Medium. Medium's holding company and Fides Holdings are shared offices with the same corporate registration address. Both companies have no permanent personnel in their respective offices. Recently, several former Medium employees moved to Vieux Technology, which adds weight to the suspicion that Medium secured management rights of Vieux Technology through Fides Holdings.

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