According to Yonhap, a market maker surnamed Park (43), known as Jon Bur Kim, is facing charges for cryptocurrency price manipulation violations. The Seoul Southern District Prosecutors’ Office’s Virtual Asset Joint Investigation Team alleges Park embezzled approximately $14.5 million by orchestrating large-scale price manipulations. Park, dubbed the “Coin King,” gained a sizable social media following by flaunting his luxury lifestyle. Prosecutors also accuse him of bribing executives and employees at an unnamed cryptocurrency exchange and issuing a fake token called Podocoin to investors. Scheduled for a court hearing, Park has already been jailed for attempting to flee during an earlier police investigation. Authorities claim he defrauded investors of around $16.1 million through manipulated coin listings for substantial returns.
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