South Korean ‘coin king’ re-arrested for $47m crypto fraud

South Korean ‘coin king’ re-arrested for $47m crypto fraud

South Korean Crypto Influencer ‘Coin King’ Arrested Again for Fraud

South Korean crypto figure Park, widely known as “Jonbur Kim” or the “Coin King,” has been arrested once again on fresh fraud charges—just weeks after securing bail for a separate crypto scam case.

On February 20, the Seoul Southern District Court issued an arrest warrant for Park, citing concerns over evidence tampering and the risk of flight, according to KBS News. Prosecutors allege that between March 2021 and April 2022, Park and his accomplice, Mr. Moon, orchestrated a fraudulent scheme involving the issuance and listing of Artube tokens.

The duo allegedly manipulated token prices and misled investors through deceptive disclosures, ultimately defrauding them of 68 billion won ($47 million). Moon has also been arrested on the same charges.

Ongoing Fraud Investigations and Previous Charges

Park was already facing trial for his involvement in another crypto fraud case linked to Podo Coin, where he allegedly embezzled 20 billion won ($14 million). Despite being granted bail in January, prosecutors uncovered additional fraudulent activities tied to Artube, leading to his immediate re-arrest.

Authorities have been monitoring Park for years due to suspicions of market manipulation and illicit financial dealings within the crypto space. Known for his lavish lifestyle, he frequently showcased luxury cars and designer goods on social media, building a significant following as a crypto influencer.

Investigations further revealed that Park allegedly bribed exchange executives to secure token listings and engaged in price manipulation for personal profit.

Failed Escape Attempt and Legal History

Park previously attempted to flee South Korea in December 2023 by boarding a fishing boat bound for China. However, a storm forced the vessel to return, leading to his capture. He was initially sentenced to prison for violating smuggling laws, but his sentence was later reduced on appeal.

With the latest arrest, prosecutors are intensifying their crackdown on fraudulent activities in the crypto sector, signaling stricter regulatory oversight to protect investors from high-profile scams.