The prosecution has been investigating two co-founders of LinkerCoin for alleged frauds.

The Seoul police completed its six-month investigation of LinkerCoin and asked the prosecution to make a final decision on whether to indict the two co-founders whose names were withheld.

The police had started an investigation after an investor posted a bulletin on the Internet portal site that he was accepting victims from LinkerCoin. The investor said LinkerCoin deceived him into investing.

LinkerCoin is the foundation established by the so-called ICO research institute. Since 2017, it has mobilized investors in major cities, allegedly to establish a cryptocurrency exchange.

It claimed that it is a ‘linker” to cryptocurrencies worldwide. It also announced that it had developed a decentralized exchange (DEX).
But the investor said Linkercoin has no technology to develop the platform for the exchange. He said LinkerCoin had not used the 14,000 Ethereums it mobilized through ICOs, for developing its cryptocurrency trading platform.

He added that LinkerCoin could not link cryptocurrencies worldwide.
However, LinkerCoin dismissed the claim and said it had submitted all documents on its performance to the prosecution.