South Korean ‘Coin King’ Park (43) Accused of $14.5 Million Altcoin Fraud, Bribery, and Issuing a ‘Non-Existent’ Cryptocurrency

South Korean authorities have sought a court to issue an arrest order for a cryptocurrency market maker involved in an altcoin fraud case. According to Yonhap, the market maker, surnamed Park (43) and called Jon Bur Kim, is accused of price manipulation violations.

South Korean prosecutors have requested a court to issue an arrest warrant for a cryptocurrency market maker, identified only by the surname Park (43), who is also known as Jon Bur Kim. He is accused of embezzling a "large sum of money" through large-scale cryptocurrency "price manipulations," as part of an altcoin fraud case.

Park, who has a significant social media following and is nicknamed "Coin King," is known for posting images of his collection of luxury sports cars and other high-end possessions. He is accused of using his status to carry out the fraud, which also involved bribing executives and employees at an unnamed cryptocurrency exchange.

Prosecutors allege that Park embezzled approximately $14.5 million through these activities, which included arranging for the listing of "non-existent" cryptocurrencies, such as Podocoin, on the exchange. He has already been sentenced to jail for attempting to flee the country illegally during a police probe into an alleged "scam coin."

Park tried to escape to China by sea on a fishing boat in December last year, but his flight was thwarted by a storm, leading the Mokpo Coast Guard to dock the boat. He was sentenced to ten months in prison for violating the Smuggling Prevention Act, but he appealed the verdict and a judge reduced his jail sentence to seven months.

Prosecutors suspect that Park and an unnamed token issuer collaborated from February 2021 to April 2022, planning to issue and list "scam coins."

The Virtual Asset Joint Investigation Team detained the suspected coin issuer in March this year. Police believe the alleged fraudster defrauded investors out of approximately $16.1 million. Prosecutors allege that Park and the unnamed "issuer" used a "coin listing broker" to get the coins listed on the exchange, which led to rapid surges in prices, allowing them to sell their assets for substantial returns.

The prosecution against Park also includes an investigation into his probable involvement in the crimes attributed to the unnamed token issuer as officials work to determine the degree of their collaboration.

This case is part of a larger trend of increased scrutiny directed at altcoin issuers in South Korea, which stems from growing concerns over the rapid rise of scam coins and the involvement of celebrities in low-cap altcoin disputes.

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