Ex-South Korean First Lady Kim Keon-hee Linked to Crypto Market Maker Probe

Prosecutors are investigating a potential connection between former South Korean First Lady Kim Keon-hee and a cryptocurrency market maker suspected of manipulating the prices of low-cap altcoins.

South Korean media outlet OhMyNews reported that it had seen evidence indicating the special prosecution team investigating the former First Lady sent an official request to colleagues handling the case of a notorious crypto market maker known as Jon Bur Kim (real surname: Park).

Prosecutors suspect Park, 44, of fraud and involvement in “scam coin” operations. Legal investigations into Park and several of his alleged associates are currently ongoing.

A special counsel team investigating allegations involving former first lady Kim Keon Hee is set to summon her and former President Yoon Suk Yeol for questioning. https://t.co/wF8WuStt3p

— The Korea JoongAng Daily (@JoongAngDaily) July 21, 2025

Former South Korean First Lady: Crypto Wrap Incoming?

OhMyNews stated that the special prosecutors requested a “loan of the investigation records” in the Park case last week. The media outlet noted:

“If the special prosecution team requested the investigation records related to Park, it cannot be ruled out that Kim Kun-hee or someone close to her was involved in the scam coin case, or Park’s alleged crimes, investigation, or trial.”

Kim is accused of corruption and influence peddling during her tenure as South Korean First Lady under the presidency of Yoon Seok-yeol.

Yoon was removed from office earlier this year following a failed attempt to declare martial law in December 2024.

Min Joong-ki, the lead prosecutor in the Kim probe, also summoned Lee Jong-ho, a close associate of Kim’s, for questioning on July 21.

Former South Korean First Lady Kim Keon-hee (left) with the former US First Lady Jill Biden in 2023. (Image: The White House)

Prosecution Raid

Lee served as the former chief of the investment firm Blackpearl Invest. At the end of last week, prosecutors raided his home and vehicle.

Prosecutors allege that Lee accepted a $58,000 bribe from an auto business executive who was accused of manipulating stock prices.

It is believed that Lee may have asked Kim to pressure members of the judiciary to ensure the executive received a suspended sentence.

Prosecutors believe Lee had access to the former First Lady’s bank accounts and used them to process funds connected to the case.

Park, meanwhile, was arrested and indicted alongside a software development firm CEO surnamed Moon.

Prosecutors allege the duo embezzled hundreds of billions of won by issuing and listing a suspected scam coin named Atube in 2021.

Vehicles from Park’s supercar collection. (Source: @jon_bur_kim/Instagram)

Scam Coin Probes

Park is also suspected of operating another alleged scam coin named Podo. Investigators believe he embezzled 80 billion won using the same method earlier in 2021.

On December 18, 2023, Park attempted to flee the country by boat to China. However, his efforts were thwarted by a storm.

The Coast Guard, concerned for the safety of the boat and its crew, intervened. Officers forced the boat to dock shortly after it departed, later discovering Park had illegally stowed away on board.

Former South Korean President Yoon Suk Yeol skipped questioning by a special prosecutor investigating his December declaration of martial law, citing the need to prepare for a later hearing despite the risk of arrest https://t.co/OUHg3a7mBN

— Reuters (@Reuters) July 1, 2025

Park was active on social media prior to his arrest, where he openly flaunted his wealth and his large collection of imported supercars.

Prosecutors have since seized his vehicles, as well as thousands of dollars’ worth of cryptocurrency.

Park also holds assets worth at least several hundred billion won, including domestic and overseas real estate holdings.

OhMyNews reporters stated that the Special Prosecution Team did not respond to their requests for comment.