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In 2014, Ripple 
$2 Labs initiated the sale of XRP through its project “Ripple Market Korea” in South Korea. This process sparked debates about the company’s sales methods, with Ryan Kim, a partner at Hashed, labeling Ripple’s initiative as a “Ponzi” scheme on social media. Ripple’s activities during this period significantly influenced the formation of a robust XRP community in South Korea.
Ponzi Allegations Against Ripple Market Korea
Ripple Market Korea commenced operations in November 2014, completing its first sale within just two hours on opening day. The platform introduced not only XRP launched by Ripple Labs but also its own token, RMK. It promised RMK token holders a share of revenues generated from transaction fees, which attracted investor interest.
The marketing campaigns for Ripple Market Korea emphasized factors like the legal compliance of XRP and support from Google Ventures. It also highlighted the ease of exchanging XRP with various currencies. Despite warnings about fraudulent networks selling XRP at inflated prices, a substantial number of investors were drawn to XRP, leading to the establishment of a strong community.
Early Investors Achieve Significant Gains
According to Ryan Kim, South Korean investors who purchased XRP in 2014 reaped considerable profits. When comparing the prices of XRP at that time with current values, a significant increase was observed. Notably, investors in South Korea emerged prominently in the cryptocurrency sector during this period.
These success stories explain the high level of activity within the XRP community in South Korea. The intense interest in XRP stems from Ripple’s effective early marketing strategies and relationships with local investors. In this context, the sales model Ripple initiated in 2014 continues to be a controversial example in the cryptocurrency world.
