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

South Korean crypto figure Park, known as “Jonbur Kim” or the “Coin King,” has been arrested again on fresh fraud charges.

This arrest comes just weeks after his release on bail for a separate crypto scam case. The Seoul Southern District Court issued an arrest warrant for Park on Feb. 20, citing risks of evidence tampering and flight, according to KBS News.

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

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

Fraud background

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. His social media presence—where he flaunted luxury cars and high-end items—helped him gain a following as a crypto influencer.

Investigations revealed that he allegedly bribed exchange executives to facilitate token listings and manipulated prices for personal gain.

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.