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

The South Korean crypto figure park, known as “Jonbur Kim” or “King King”, was again arrested for new accusations of fraud.

This arrest comes Just weeks After his liberation under bail for a separate cryptographic scam case. The district court of southern Seoul issued an arrest warrant against the park on February 20, citing risks of falsification and theft, according to KBS News.

Prosecutors allege that between March 2021 and April 2022, Park and his accomplice, Mr. Moon, orchestrated the fraudulent deliverance and the list of Artube tokens.

They allegedly The prices manipulated and used deceptive disclosure to defraud investors of 68 billion wons ($ 47 million). The moon was also arrested for the same charges.

Fraud context

Park was already being tried for a Previous cryptographic fraud case involving Podo Coin, in which he would have diverted 20 billion won ($ 14 million). He obtained a deposit in January, allowing him to undergo his unique trial.

However, the prosecutors discovered additional fraudulent activities linked to Artube, which led to his reargence.

The authorities have long examined the park for the alleged market manipulation and illicit financial activities in the cryptographic space. His presence on social networks – where he displayed luxury cars and high -end items – made him win an audience as an cryptographic influencer.

The surveys revealed that he would have united the leaders of the exchange to facilitate the lists of tokens and manipulate prices for personal purposes.

Park previously attempted to flee the country in December 2023 at the edge of a fishing boat for China. A storm forced the ship to return, leading to its capture. He was sentenced to prison for violation of smuggling laws, but his sentence was later reduced on appeal.