South Korea’s “Coin King” has been re-arrested for $47 million crypto fraud

Korean Crypto figure park known as “Jonbur Kim” or “Coin King” has been arrested again for new fraud charges.

The arrest comes just weeks after his release, which was released on bail for another crypto fraud case. According to KBS News, the Seoul South District Court issued an arrest warrant for the park on February 20th.

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

They are said to have manipulated prices and used misleading disclosures to fraudulent 68 billion won ($47 million) investors. He was arrested on the same charges the month.

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Background of fraud

Park was already facing trial in a previous crypto fraud case, including Podcoin, but he allegedly embezzled 20 billion won ($14 million). He was granted bail in January and was able to go to trial without detention.

However, prosecutors discovered additional fraudulent activities related to Artube, leading to his re-arrest.

Authorities have long scrutinized parks due to suspected market manipulation and illegal financial activities in the crypto sector. His social media presence earned him a follower as a crypto influencer, where he flaunted luxury cars and high-end items.

The investigation has said he promoted a list of tokens to exchange executives and manipulated prices for personal profits.

The park previously attempted to escape the country in December 2023 by boarding a fishing boat heading to China. The storm brought the ship back and led to his capture. He was sentenced to prison for violating the smuggling law, but later reduced his sentence on appeal.

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