Unveiling XRP’s Controversial Past: The Ripple Market Korea Ponzi Scheme Allegations

In a recent update, Ryan Kim, a Partner at Hashed, highlighted the historical context surrounding XRP‘s initial sale in South Korea. Back in 2014, the Ripple Labs initiative, known as Ripple Market Korea, reportedly utilized marketing strategies reminiscent of a Ponzi scheme to attract significant investor interest. This approach may have resulted in substantial gains for early adopters within the Korean cryptocurrency community, known for their robust engagement with XRP. Notably, a South Korean media report from late 2014 indicated that the inaugural sales phase of Ripple Market Korea concluded within just two hours. The platform even introduced its own token, RMK, which promised to share transaction fee revenues with its users based on their token holdings. Additionally, Ripple Market Korea emphasized the benefits of XRP as a versatile medium for exchanging various fiat currencies while securing investments from notable entities like Google Ventures.