'Coin King JonBurKim' Indicted and Detained for Second Time on 260 Billion Won Scam Coin Allegations

Issued, Listed, and Manipulated Scam Coin 'ATube' to Embezzle 260 Billion Won

Also Accused of 80 Billion Won 'Podo' Fraud... Re-arrested One Month After Release on Bail

A cryptocurrency market manipulator known as 'JonBurKim,' who was previously detained for an 80 billion won cryptocurrency fraud and released on bail, has been indicted and detained again on charges of a 260 billion won fraud.

The Seoul Southern District Prosecutors' Office's Joint Investigation Team for Virtual Asset Crimes (led by Park Geon-wook) announced on the 10th that they have indicted Mr. Park on fraud charges. Mr. Moon, the CEO of a virtual asset platform development company identified as an accomplice, was also indicted while in custody.

Mr. Park is accused of issuing and listing a scam coin (fraudulent cryptocurrency) called 'ATube' from March 2021 to April of the following year, and then embezzling 260 billion won through false disclosures and price manipulation. Prosecutors believe Mr. Park attracted investors without any intention of conducting legitimate cryptocurrency business.

This is the second time that Mr. Park, known in the industry as the 'Coin King' or 'JonBurKim,' has been indicted while in detention. He was previously indicted in August last year for allegedly embezzling 80.9 billion won by issuing and listing another scam coin called 'Podo,' artificially inflating its price, and then selling it between February 2021 and April 2022.

Mr. Park was also caught by the Coast Guard while attempting to flee the country on a fishing boat from Guiseong Port in Jindo County, South Jeolla Province in December 2023. He was tried for violating immigration control laws and sentenced to 7 months in prison in the second trial, and was released in July last year. Prosecutors indicted him on fraud charges related to the Podo coin on the day of his release, and after he was released on bail in January, he was detained again last month on the 20th for the ATube allegations.

According to prosecutors, Mr. Park's request for a review of the legality of his detention was also rejected on the 7th. A prosecution official stated, "We will thoroughly investigate and strictly punish virtual asset criminal organizations that produce numerous victims."

Reporter Park Si-on ushire908@hankyung.com