South Korean Prosecutors to Try Alleged Crypto Fraudster
South Korean prosecutors are gearing up to try a crypto suspect believed to be the mastermind behind a $59.6 million cryptocurrency fraud scheme.
The accused, known as Park and nicknamed Jon Bur Kim, was apprehended earlier this month on charges related to price manipulation.
Crypto Market Manipulator Heads to Trial
Prosecutors allege that Park, also referred to as “the Coin King,” swindled 18,000 investors and used the funds to purchase numerous high-end vehicles.
- Park attempted to flee but was stopped by coast guards as he tried to board a China-bound ship.
- Having served time previously for a similar offense, Park now faces fraud allegations as reported by Maeil Shinmun.
- The Seoul Southern District Prosecutors’ Office-run Virtual Asset Crime Joint Investigation Team is leading the prosecution.
Suspect Accused of Defrauding Thousands of Crypto Investors
Investigation officials claim that Park had no intentions of running a legitimate crypto business and instead manipulated the price of the fraudulent virtual currency called Podocoin.
- By disseminating fake promotional materials, Park allegedly inflated the value of Podocoin before selling all the tokens for a substantial profit.
- Authorities suspect that Park managed a team solely dedicated to price manipulation, using social media platforms as well.
Two other individuals have also been charged with providing false information to a crypto exchange to facilitate the listing of Podocoin.
Seized Luxury Vehicles and Funds
Officials confirmed that luxury vehicles worth approximately $14.6 million were seized during the investigation and found stashed away in a rural warehouse.
- Furthermore, investigators confiscated funds believed to have been acquired by Park through the trading of supercars with both domestic and foreign vendors.
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Hot Take: Stay Informed, Stay Safe
As the world of cryptocurrency continues to evolve, it is essential to stay vigilant against fraudulent schemes and manipulative practices that threaten the integrity of the market. Stay informed and exercise caution to protect your investments in the crypto space.
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