JTBC Burns 600,000 BitmoVicks Amidst Illegal Distribution Allegations
CryptoNewsTerminal Staff01 Sep, 2024
JTBC Burns 600,000 BitmoVicks Amidst Illegal Distribution Allegations
JTBC has announced that it will be burning all 600,000 of its holdings in the virtual asset 'BitmoVick', which is under suspicion of illegal distribution, according to News Tomato. On December 14th last year, JTBC signed a 'business agreement for joint promotion of the BitmoVick project' with Ohta Bus and received 600,000 BitmoVicks. Previously traded in the 150,000 won range, BitmoVick rose to the 200,000 won range after the announcement of the partnership between the two companies, and was sold for about 290,000 won on the 30th of last month. 'BitmoVick' is a cryptocurrency created by Oh Tae-min in January 2019 by hard forking Bitcoin, and has been suspected of 'illegal bundling and selling'. Some in the legal community interpret it as coin sales by an unreported virtual asset operator.
