Home web3.0 South Korean 'Coin King' Park (43) Accused of $14.5 Million Altcoin Fraud, Bribery, and Issuing a 'Non-Existent' Cryptocurrency

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

Jul 19, 2024 pm 12:00 PM

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 'Coin King' Park (43) Accused of .5 Million Altcoin Fraud, Bribery, and Issuing a 'Non-Existent' Cryptocurrency

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.

The above is the detailed content of South Korean 'Coin King' Park (43) Accused of $14.5 Million Altcoin Fraud, Bribery, and Issuing a 'Non-Existent' Cryptocurrency. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1664
14
PHP Tutorial
1266
29
C# Tutorial
1239
24
Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Apr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Apr 09, 2025 am 10:36 AM

Zcash was one of the top gainers during the latest market rally, reaching a high of $35.69 as traders moved a record amount of tokens out of circulation.

Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Apr 10, 2025 pm 12:43 PM

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn Apr 13, 2025 am 11:40 AM

The crypto market has witnessed a rebound following the recent sheer downturn. As per the exclusive market data, the total crypto market capitalization has reached $2.71Ts

As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd Apr 13, 2025 am 11:48 AM

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.

US Senate Draft Legislation Threatens to Hit Data Centers Serving Blockchain Networks and Artificial Intelligence Models with Fees US Senate Draft Legislation Threatens to Hit Data Centers Serving Blockchain Networks and Artificial Intelligence Models with Fees Apr 12, 2025 am 09:54 AM

The draft bill purportedly aims to address environmental impacts from rising energy demand and protect households from higher energy bills