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South Korean prosecutors investigating former President Yoon Suk-yeol and former First Lady Kim Keon-hee have questioned the alleged crypto fraudster Jon Bur Kim (actual surname Park).
Park, a crypto market maker and collector of luxury sports cars, has been charged with crypto fraud. Prosecutors suspect he created and manipulated two so-called “scam coins” and influenced their prices by disseminating false information regarding the tokens.
Earlier this month, prosecutors identified a potential connection between Park’s case and that of the former First Lady.
Kim Keon-hee faces allegations of influence peddling, stock manipulation, and other corruption-related offenses.
Former President Yoon: Arrest Warrant Anticipated?
Prosecutors are examining Kim Keon-hee alongside Yoon, who attempted to declare martial law in South Korea in early December of the previous year.
Yoon’s refusal to provide iPhone passcode hampers special investigation https://t.co/c8NXMuUcLc
— The Korea Times (@koreatimescokr) July 29, 2025
The former President was subsequently impeached and has since been charged with multiple corruption-related offenses.
However, Former President Yoon has declined to respond to court summons on two occasions. This has prompted prosecution officials to contemplate seeking an arrest warrant.
According to Yonhap, the investigation has also broadened to include Yoon and Kim’s associates. The South Korean news agency reported that the special prosecution team is believed to be looking into former senior prosecutor Kim Sang-min.
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Prosecutors suspect Kim Sang-min may have “received illicit funds” from the primary suspect in a crypto fraud case.
Media sources speculate that this suspect is Park, who is accused of misappropriating 80.9 billion won ($58.1 million) of investors’ funds.
Prosecutors believe that Park provided Kim Sang-min with money to cover vehicle rental expenses. Kim Sang-min allegedly used these funds to pay for the vehicles while he sought the People Power Party nomination for the Changwon Uichang district seat ahead of the April 10 legislative election last year.
Kim Sang-min ultimately did not succeed in his campaign and was eliminated during the primaries. Nevertheless, prosecution officials seem to believe that Kim Keon-hee leveraged her influence to assist him in his candidacy.
The special counsel team investigating allegations against former First Lady Kim Keon-hee has requested an arrest warrant for former President Yoon Suk-yeol, the team announced on Wednesday. https://t.co/c7xp77LPWD
— The Korea JoongAng Daily (@JoongAngDaily) July 30, 2025
Rug Pull Suspect Summoned
The latest update appears to validate earlier reports from this month, which indicated that the special prosecution team had requested access to the Park/scam coin case files.
Prosecutors believe that Park and a CEO with the surname Moon embezzled hundreds of billions of won. They suspect the pair issued and listed a purported scam coin named Atube in 2021.
Additionally, they have accused Park of orchestrating a rug pull scam involving a token called Podo Coin, also in 2021.
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