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At the first Seattle session, where the largest amount of funds was raised, the nature of the fundraising was unilaterally redefined by Jung from donations to an investment-based funding model, implying potential financial returns to participants.
Jungโs statement :
โSo, one of the major mistakes I made at the beginning was presenting this as a donation. Itโs not a donation or a sponsorship โ itโs more like a crowdfunding concept. That means the money you are contributing will be compensated in some form. I canโt say exactly what that form will be right now โ it could be through blockchain, cryptocurrency, actual cash, or equity. Weโre still in the process of planning and may adjust the format over time, but we do believe weโll be able to provide some form of return.โ
May 28 : the first Seattle session (full video)
May 29 : The second Seattle session
Jung shared with the Korean-American community the contents of a threatening phone call he claimed to have received.
Transcript
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According to the accounting records, Jung used the funds for travel, including Sedona, and for living expenses in the U.S.
Jungโs statement :
โI have not used even a single penny from the fund for myself.โ
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Mr. Jung directed the accountant to change the category of living expenses to operational expenses in the financial statements.
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