South Korean Crypto Figure “Coin King” Arrested Again on Fresh Fraud Charges

A well-known South Korean cryptocurrency figure, Park, also known as “Jonbur Kim” or the “Coin King,” has been arrested once again on new fraud charges. This latest arrest comes just weeks after his release on bail for a separate crypto scam case.

Fraud Allegations and Arrest Warrant

The Seoul Southern District Court issued an arrest warrant for Park on February 20, citing risks of evidence tampering and flight. According to prosecutors, Park and his accomplice, Mr. Moon, allegedly orchestrated the fraudulent issuance and listing of Artube tokens between March 2021 and April 2022.

Prosecutors claim that the duo manipulated prices and used misleading disclosures to defraud investors of 68 billion won ($47 million). Moon was also arrested on the same charges.

Park’s History of Fraud and Market Manipulation

Park was already facing trial for a previous crypto fraud case involving Podo Coin, in which he allegedly embezzled 20 billion won ($14 million). He was granted bail in January, allowing him to stand trial without detention.

However, prosecutors uncovered additional fraudulent activities related to Artube, leading to his re-arrest. Authorities have long scrutinized Park for alleged market manipulation and illicit financial activities in the crypto space.

Tips for investors to avoid falling victim to similar scams:

  • Always conduct thorough research on a project before investing.
  • Be wary of projects that promise unusually high returns or guaranteed profits.
  • Verify the legitimacy of a project by checking for transparent and clear documentation.
  • Be cautious of influencers or promoters who flaunt luxury items and claim exaggerated success.

Park’s Previous Attempts to Flee the Country

Park previously attempted to flee the country in December 2023 by boarding a fishing boat bound for China. A storm forced the vessel to return, leading to his capture. He was sentenced to prison for violating smuggling laws but later had his sentence reduced on appeal.

“Investors should always be vigilant and do their due diligence before investing in any project. The crypto space can be volatile, and it’s essential to stay informed to avoid falling victim to scams and fraudulent activities.”

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