South Korean Coast Guards Foil Attempted Escape
South Korean coast guards successfully stopped a suspected crypto price fixer from fleeing to China. The man, surnamed Park and nicknamed Jon Bur Kim, was arrested by the coast guards in South Jeolla Province on December 20. Park, a 42-year-old crypto market maker, had been banned from leaving the country while under investigation for crypto price manipulation. The case also involves former high-ranking executives from the Coinone crypto exchange. Despite filing a legal bid to overturn the ban, Park decided to flee the country using an illegal sea route to China.
Storm Disrupts Escape Plan
Park’s escape plan was disrupted by a storm that worsened after he boarded a fishing boat in the port of Jindo. Concerned for the crew’s safety, the Coast Guard began tracking the vessel. When the boat failed to respond to their calls, officers intervened and escorted it to a port in Mokpo. Park, the boat’s captain, and another intermediary were arrested on smuggling charges.
Park Admits Attempting to Flee
Initially denying his intention to flee, Park later confessed that he was indeed trying to leave the country. Prosecutors suspect that Park may be involved as an “accomplice” in market manipulation at Coinone. The High Court appeal trial of former Coinone executives began on December 14. Media outlets have linked Park and others to an altcoin related to air pollution reduction.
Insider Speculation
An unnamed industry insider suggested that Park’s involvement in other coin fraud cases could have led him to attempt fleeing abroad out of fear of prosecution crackdowns on market manipulators.
Known as “Crypto King”
Park, also known as the “Crypto King,” has a significant presence on social media platforms like Instagram. He is known for his luxury sports car collection, which includes vehicles such as a Ferrari and a Bugatti.
Hot Take: Failed Escape of Suspected Crypto Price Fixer
A suspected crypto price fixer’s attempt to escape South Korea for China was thwarted by the country’s coast guards. The man, known as Park or Jon Bur Kim, had been banned from leaving the country while under investigation for crypto price manipulation. Despite his legal bid to overturn the ban, Park decided to flee using an illegal sea route. However, a storm disrupted his plan, and he was arrested along with others involved in smuggling. Prosecutors suspect Park’s involvement in market manipulation at Coinone. This incident highlights the ongoing efforts to crackdown on crypto-related crimes.
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