South Korean “Jonbur Kim” Park, ‘Coin King,’ Re-Arrested for $47M Crypto Fraud After Bail Release

South Korean crypto figure “Jonbur Kim” Park, widely known as the “Coin King,” has been re-arrested on new fraud charges just weeks after being released on bail for a separate crypto scam case.

This latest development adds another chapter to one of South Korea’s most notorious cryptocurrency fraud cases.

Source: Metajournal

According to KSB , on February 20, the Seoul Southern District Court issued an arrest warrant for Park, citing the risks of evidence tampering and flight.

Prosecutors allege that from March 2021 to April 2022, Park and his accomplice Moon orchestrated the fraudulent issuance and listing of the Artube coin.

They allegedly manipulated its price and misled investors through false disclosures, resulting in financial losses of 68 billion won ($47 million). Moon was also arrested on similar charges.

A Pattern of Fraud and Deception

Park has long been under scrutiny for market manipulation and fraudulent financial activities in South Korea’s cryptocurrency sector.

His previous case involved Podo Coin, a fraudulent token through which he allegedly embezzled 20 billion won ($14 million).

After being indicted for the Podo Coin scam in August 2023, he was granted bail in January 2024, allowing him to stand trial without detention.

However, prosecutors uncovered additional fraudulent activities tied to Artube, leading to his re-arrest.

Investigations suggest that Park and Moon engaged in coordinated efforts to deceive investors by artificially inflating token prices, bribing exchange executives to list scam coins, and using misleading promotional materials.

Park’s flashy social media presence, where he showcased luxury cars and extravagant wealth, helped him build credibility among retail investors. Many of them suffered heavy financial losses due to his schemes.

Previous Escape Attempts and Legal Repercussions

“Coin King” has a history of attempting to evade law enforcement. In December 2023, he was caught by authorities while trying to flee the country aboard a five-ton fishing boat departing from Jindo, South Jeolla Province.

However, bad weather thwarted his plan to escape to China, forcing the boat to return and leading to his capture.

He was subsequently sentenced to prison for violating smuggling laws but later had his sentence reduced on appeal.

Following his arrest and the uncovering of his crime, South Korean authorities are working to ensure that fraudulent actors like Park in the crypto industry face legal consequences.

South Korea Crypto Scam On The Rise

In a similar high-profile case in South Korea just this month, prosecutors have indicted six individuals, including a practicing lawyer , for allegedly orchestrating a $7.9 million crypto scam between May and August 2022.

The group is accused of issuing and selling “scam coins” by promoting them through YouTube and social media chat rooms, deceiving over 1,000 investors.

Prosecutors claim the suspects listed the coins on overseas exchanges with lax requirements and falsely advertised imminent listings on major South Korean platforms.

However, the group allegedly never intended to run a legitimate crypto business.

Instead, they laundered their proceeds through a fraudulent gift certificate company and used the funds to buy luxury cars and entertainment.

Prosecutors revealed that the indicted lawyer posed as a crypto expert on YouTube and played a key role in money laundering and drafting false contracts to obscure the operation.

Notably, last year also saw a growing scam threat in the country. In August 2024, South Korean law enforcement agencies uncovered a $60 million fraud case .

Following that, another high-profile arrest was made in November 2024, in which a scammer unwittingly targeted a police officer , leading to over 81 arrests.

South Korea’s “Coin King” re-arrest demonstrates the troubling rise of sophisticated crypto fraud schemes that exploit investor trust through manipulation and deception in the crypto sector, especially in the Asian region.

As authorities intensify their crackdown on illicit activities in the cryptocurrency market, this case marks another success in identifying one of the reasons for the slowdown in crypto adoption globally.