Some 2,602 Ethereum (ETH) were moved this week from suspect wallets tied to the KOK token fraud, ending four years and nine months of complete inactivity on the blockchain. The shift is notable because every transaction on a public blockchain is permanently recorded, so a dormancy of this length followed by renewed movement is directly observable in the ledger itself.

The movement was disclosed through on-chain analysis presented by lawmaker Lee Kang-il at South Korea's National Assembly audit of the Financial Services Commission (FSC) on Thursday, according to COINOTAG. On-chain analysis works by examining those public transaction records, allowing researchers to trace how funds move between wallet addresses even years after the fact.

The disclosure formed part of the National Assembly's annual inspection of government agencies, during which regulators such as the FSC, South Korea's top financial authority, are questioned on their oversight of financial markets, including supervision of the crypto-asset sector. Presenting the wallet movement in this setting placed the KOK wallets' renewed activity before the regulator responsible for overseeing the sector.

Ethereum is the native asset of the Ethereum blockchain and one of the most widely traded cryptocurrencies. The KOK token has been tied to a fraud case in South Korea, with wallet activity connected to the matter traced using on-chain analysis. Having become active again after more than four years of silence, the suspect wallets remain identifiable on the public ledger, meaning any further transfers from the same addresses would be visible through the same on-chain methods.

This content was first published on COINOTAG: https://en.coinotag.com/kok-wallets-move-2602-ethereum-lee-kang-il-assembly-audit