Charity Auction (3)

A charity auction. By definition, it is an event where goods or services are sold to the highest bidder to raise funds for philanthropic causes. Naturally, the proceeds from such an auction are meant to be funneled directly into charitable endeavors. In other words, the items put up for bid aren't there to turn a profit for the donors. It is, quite literally, an act of charity—a donation.

This particular auction was no different. According to the pre-event notice, one hundred percent of the proceeds would be donated to the Hangak Welfare Foundation.

If that was the case, what on earth was going through the mind of the man who had just put up a ten percent stake in his own company? Was he so desperate to do good deeds that he was willing to slice off a piece of his own corporate flesh?

Somehow, I highly doubted it.

"Ten billion and ten million won! Ten billion and twenty million! Ten billion and thirty million!..."

The bidding price was skyrocketing into the stratosphere.

What the hell was going on here?

Ever since my lies started turning into reality, my cognitive abilities had scaled up exponentially. Yet, the more I tried to make sense of this situation, the deeper I sank into a labyrinth of confusion.

"Oppa, can company shares actually be sold at an auction like this?"

"Yeah, it's possible. It's happened before. But a case like this is incredibly rare."

If pure charity were the goal, he would have donated cold, hard cash instead of putting shares on the auction block. The reason was simple: auctioning off corporate shares came with a mountain of red tape and massive risks.

How would they bypass internal transfer restrictions and board regulations? What about the legal regulations governing the distribution of those shares, or the massive discrepancies in assessing the market value of a private enterprise?

Why go through all that agonizing trouble just to put company shares up for auction?

Something smelled incredibly fishy.

"Eleven billion and fifty million won! Sixty million! Seventy million!..."

The Hangak Welfare Foundation, was it?

The name teased the edges of my mind, shrouded in a thick fog. I couldn't quite grasp it. It looked like I'd have to do that again.

Hangak Welfare Foundation... Hangak Welfare Foundation...

Gritting my teeth, I winced as a sharp, suffocating pain pierced my skull. But this level of pain was manageable. I took a slow, measured breath, and the hazy fog in my mind began to clear, revealing sharp, vivid memories.

Ah, finally. I remembered.

Kim Hyun-sook, the wife of Seoul Mayor Kang Minwook. The Hangak Welfare Foundation was a charitable organization run directly by her.

Aha. So this is a rigged game of Go-Stop, is it?

All proceeds generated from this charity auction would be donated to the Hangak Welfare Foundation under the guise of philanthropy. However, the exact "allocation" of those donated funds was never transparently disclosed. In other words, they could manipulate the money however they pleased.

To put it simply, they could funnel the funds into businesses or non-profit organizations they had personal stakes in, all under the noble banner of a "donation."

No wonder there were so many art pieces up for auction today. Art transactions are typically settled in cash and carry no reporting obligations, making them notoriously difficult to regulate. They can even be stashed away in tax-free freeports. Do the ultra-rich collect art out of a pure love for aesthetics? Not a chance.

‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠

But the absolute crown jewel of this scheme was the Unilabs shares put up by Jang Do-hyung.

Normally, selling shares would incur a capital gains tax of up to forty-two percent. But wrap it in the shiny packaging of a "charitable donation," and suddenly it becomes tax-deductible.

Bribery, tax evasion, and money laundering—all solved in one fell swoop. Talk about killing three birds with one stone.

On top of that, there was the investment proposal that bastard Jang Do-hyung had handed me. I had skimmed through it, and it was a textbook multi-level Ponzi scheme.

What is a Ponzi scheme? It's a financial fraud where money from new investors is used to pay off the interest or dividends of existing investors. Since there is no actual business model or revenue stream to support the cash flow, it's a ticking time bomb bound to explode sooner or later.

And they were offering thirty million units of their stablecoin, Solar—pegged at one won per coin—for a mere ten-million-won investment?

What a load of absolute bullshit.

Claims of an imminent listing on a massive global exchange, promises that 1 Solar would always equal 1 won and could never drop below that floor... It was so cliché it made me want to yawn.

"Fifteen billion won! Are there any further bids?"

Jang ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠Do-hyung stood with his chin held high, locking eyes with me while wearing an arrogant, self-satisfied smirk.

I wondered what that punchable face of his would look like when it crumpled in utter despair.

Now that sounds like a fun show to watch.

This charity auction was a monumentally important event in more ways than one. The sheer web of tangled interests and filthy backroom deals taking place today was proof enough of its significance.

An auction to support the underprivileged? Give me a break.

The art pieces up for bid were merely tools for tax evasion and money laundering. The proceeds wouldn't go to the needy; they would be funneled directly into the slush funds of the powerful elites.

And of course, I was more than happy to jump in and secure my own massive slice of the pie. I was about to toss a massive bribe—a ten percent stake in Unilabs—neatly wrapped in the pristine packaging of a "charitable donation."

Filled with anticipation, I scanned the room.

A man sat in the corner, looking thoroughly bored. His face was instantly recognizable.

I naturally made my way over to him and offered a hand.

"I'm Jang Do-hyung."

"Ah, yes. I'm Kim Sung-woo."

Kim Sung-woo. A living legend in the financial world. In an industry where a single individual wielding nearly a trillion won in liquid cash was unheard of, he was a legendary super-ant whom everyone knew. On top of that, wasn't he a direct third-generation heir of Taewung Group, the very heart of the South Korean economy?

A man who had lived shrouded in mystery with zero public appearances was suddenly making his debut in high society. What was his angle?

"Do you mind if I join you?"

"Sure, go ahead... Sit wherever you like."

"Thank you. Pardon the intrusion."

Arrogant bastard.

The way his handsome face practically screamed how much he despised my presence was incredibly grating, but what choice did I have? I maintained my polished smile and slid my business card across the table.

"This is who I am."

His expression remained blank, as if he had no idea what to make of it. However, the woman accompanying him gasped in surprise.

"Oppa, this is that thing! The cryptocurrency!"

"Haha, that is correct. It's nothing much, but I am the creator of the cryptocurrency known as Solar."

Only then did a flicker of recognition cross his otherwise indifferent face.

"Have we met before?"

"Ah, actually, this is our first time meeting."

"Then what brings you to my table...?"

"I've actually wanted to meet you at least once."

"Me?"

What a paranoid bastard. As if there was anyone in the financial sector who hadn't heard the name Kim Sung-woo. That bewildered expression of his was undoubtedly a calculated act to probe my intentions. I couldn't afford to let my guard down.

"It would be hard to find anyone in the financial world who doesn't know the name Kim Sung-woo."

"Huh?"

"And above all, as a member of the prestigious Taewung Group—"

"Get to the point, please."

Excuse me?

The atmosphere instantly froze. To glare at me and cut me off the moment the words 'Taewung Group' left my mouth... This wet-behind-the-ears punk had some nerve.

"Haha, it seems I've offended you. My apologies."

"It's fine."

"This is the investment proposal for our cryptocurrency, Solar. If you ever find yourself interested, please feel free to reach out to me at this number."

"..."

Swallowing my boiling rage, I handed him the investment proposal along with my contact information. A big fish like him would never let an opportunity like this slip through his fingers.

The absurdly high staking yields guaranteed by 'Solar' weren't backed by any solid cash flow. It was a meticulously planned Ponzi scheme—using new capital to pay off old investors before pulling the rug. It was a ticking time bomb, but until it detonated, its explosive potential would snowball to astronomical heights.

And then, when the crowd was at its peak, right at the most critical juncture...

Boom!

Countless retail investors would be absolutely slaughtered, but what of it? They only had their own weakness to blame.

There was no way a notorious money-grubber like Kim Sung-woo would pass up on this. He was exactly the type to roll up his sleeves and happily join the slaughter.

The auction proceeded smoothly. The art pieces presented first were merely appetizers anyway. I glanced over at Kim Sung-woo every now and then, but he just sat there resting his chin on his hand with a bored expression, showing absolutely no reaction.

"And now, ladies and gentlemen, we have arrived at our premier item! The final auction of the evening!"

"The darling of South Korean blockchain technology! The genius young entrepreneur leading the nation's blockchain industry!"

"Mr. Jang Do-hyung has put up a stake in his company, Unilabs, as today's final auction item!"

The grand finale had begun.

The starting bid of ten billion won ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠might have seemed absurd at first glance, but the reality was quite the opposite. If we played our cards right, we could easily inflate that value tenfold.

"Ten billion and ten million won! Ten billion and twenty million! Ten billion and thirty million!..."

"Eleven billion and fifty million! Sixty million! Seventy million!..."

The bids climbed higher and higher, defying gravity. Yet, Kim Sung-woo still hadn't made a move.

Had I miscalculated? I was certain a guy like him would jump in directly.

"Fifteen billion won! We have fifteen billion won!"

A smirk tugged at the corners of my lips.

Finally, he bit.

With a thoroughly bored expression, Kim Sung-woo raised his hand from his seat.

Once word got out that the undefeated legend, the super-ant Kim Sung-woo, had acquired a ten percent stake in Unilabs at a massive premium through a charity auction, Unilabs' stock price would skyrocket ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠overnight.

From there, the meteoric rise of the cryptocurrency 'Solar' would be a natural inevitability. The sheer weight and influence of the name Kim Sung-woo was far greater than anyone could imagine.

"Going once, going twice... Sold!"

Bang!

Everything was perfect. The final piece of the puzzle had fallen into place.

"Sold to the gentleman in the back!"

As our eyes met, Kim Sung-woo let out a cold, mocking chuckle.

What was this? This sudden, ominous feeling creeping up my spine...

Ha. It must be my imagination.