South Korean Prosecutors Seek Arrest Warrant for Crypto Market Manipulator
South Korean prosecutors are seeking an arrest warrant for a crypto market maker accused of manipulating prices and committing fraud. The market maker, known as Park, is alleged to have embezzled a significant sum of money through price manipulations in the cryptocurrency market.
Accusations Against Park
Park, also known as Jon Bur Kim and referred to as the “Coin King” on social media, is facing allegations of price manipulation and fraud in the cryptocurrency industry. Prosecutors claim that he orchestrated large-scale price manipulations, embezzled approximately $14.5 million, and bribed executives and employees of a crypto exchange.
- Accused of embezzling a significant amount of money through price manipulations
- Allegations of bribing crypto exchange officials
- Issued a non-existent altcoin named Podocoin to investors
Legal Troubles and Past Incidents
Park has a history of legal troubles related to cryptocurrency fraud. He has previously served time in jail for attempting to leave the country illegally during an investigation into a “scam coin.” In an attempt to evade authorities, Park tried to escape to China on a fishing boat but was apprehended and sentenced to prison.
- Sentenced to jail for smuggling violations
- Appealed the verdict and had his jail term reduced
- Involved in previous incidents related to cryptocurrency fraud
Suspected Collaboration with an Unnamed Token Issuer
Prosecutors believe that Park collaborated with an unnamed token issuer between February 2021 and April 2022 to issue and list fraudulent coins. The alleged scheme involved tricking investors into investing in scam coins and using a coin listing broker to list the coins on exchanges.
- Collaborated with an unnamed token issuer to issue fraudulent coins
- Allegations of using a coin listing broker to list scam coins
- Suspected of defrauding investors of $16.1 million
Hot Take: Stay Informed and Vigilant in the Crypto Market
It is crucial to remain informed and vigilant when participating in the cryptocurrency market. The case of Park highlights the risks associated with fraud and manipulation in the industry. As an investor, it is important to conduct thorough research, exercise caution, and stay updated on developments to protect your investments.
Sources:
– Yonhap
– The Korea Herald
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