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South Korean Authorities Detain Prominent Cryptocurrency Market Maker Linked to Recent ‘Rip-off Coin’ Scheme
South Korean authorities have apprehended and charged the crypto market maker Jon Bur Kim (real surname: Park) concerning recent “scam coin” allegations.
Park had been released on bail while facing accusations of orchestrating an alleged $60 million cryptocurrency fraud involving a token called Podo Coin.
Scam Coin Allegations: New Arrest Warrant for Market Maker
The publication Seoul Kyungjae reported that the newly established Joint Investigation Unit for Digital Asset Crimes (JIU), part of the Seoul Southern District Prosecutors’ Office, has now been assigned to a different offense.
Vehicles confiscated from ‘scam coin’ suspect and crypto market maker Jon Bur Kim during prosecution raids. (Source: Maeil Kyungjae/Screenshot)
Prosecutors believe that Park facilitated the listing and issuance of an alleged “scam coin” known as Artube (ATT).
They suspect that Park and his associates used the token to defraud investors out of a total of 260 billion won ($179.6 million).
Prominent crypto exchanges, including South Korea’s Coinone, have previously listed ATT. However, ATT trading volumes and coin value have significantly declined in recent times.
Trading volumes on the South Korean crypto exchange Coinone over the last 12 months. (Source: CoinGecko)
After its listing, ATT prices initially soared. However, prices began to decline rapidly thereafter. In early February of last year, Coinone flagged ATT as a coin of concern, citing several reasons:
- suspension of official community activities
- inactivity of major companies and organizations
- failure to inform investors about significant short-term and mid- to long-term business plans
- failure to disclose relevant information in a timely manner
Coinone, as reported by EconomyBloc last year, reached out to the “project team” for clarification but was dissatisfied with the developers’ response.
On February 20, Coinone announced that it had decided to “cease trading support for ATT to protect investors.”
Trading support was terminated in early March, with withdrawal support following a month later.
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A leading candidate in the upcoming South Korean presidential elections has outlined his crypto policies, pledging to deregulate crypto and approve Bitcoin ETFs.#CryptoRegulations #SouthKoreahttps://t.co/YtulBwBide
— Cryptonews.com (@cryptonews) March 10, 2025
Prosecutors Also Detain CEO
Prosecutors have also detained an individual with the surname Moon, identified as the CEO of the Artube operator.
Officials believe that Moon and Park “generated illicit profits through false public disclosures and price manipulation” after obtaining a Coinone listing in March 2021.
Political division in Korea appears deeper than ever, as daily Koreans seek stability.
https://t.co/W95s8bWKAx#SouthKorea #YoonSukYeol— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) March 10, 2025
Prosecutors have previously asserted that Park also profited by manipulating Podo Coin prices.
Park was released on bail on January 22 of this year. However, the Seoul Southern District Court ruled that both Park and Moon should be detained. The presiding judge stated:
“The criminal charges are serious and there is a risk [that the suspects may attempt] to destroy evidence and flee the country.”
Podo Coin Investigation
The JIU has previously confiscated Park’s assets, including his extensive collection of imported supercars.
A sudden decline in US tech stocks is impacting South Korea’s retail investors who have placed billions of dollars in leveraged bets on the sector https://t.co/mOF8iEqol7
— Bloomberg (@business) March 10, 2025
Authorities have been investigating Park for several years. In late December 2023, the South Korean Coast Guard intercepted him on a vessel as he attempted to escape to China.
Coast guards compelled the fishing boat to dock as it sought to sail to China in inclement weather, seemingly unaware at the time that Park was aboard.
After officials successfully brought the boat into port in Mokpo, law enforcement boarded the vessel, where they arrested Park, the boat’s captain, and another intermediary on smuggling charges.
The post S Korean Prosecutors Arrest Top Crypto Market Maker on New ‘Scam Coin’ Wrap appeared first on Cryptonews.
