Cryptocurrency Price Manipulation Suspect 'Jonbeokim' Arrested on "Flight Risk" Concerns

Charges Including Obstruction of Business

'Jonbeokim,' a stock manipulation criminal accused of embezzling a large sum through large-scale virtual asset price manipulation, has been detained by the prosecution.

On the 17th, the Seoul Southern District Court (Southern District Court) held a pre-arrest detention hearing (warrant review) for Park (43), a virtual asset price manipulation specialist, starting around 2:30 PM, and issued an arrest warrant citing "risk of flight and evasion."

According to the prosecution, Park, known in the industry as Jonbeokim, is accused of giving bribes to employees of the cryptocurrency exchange Coinone and issuing a non-existent 'Podocoin,' embezzling about 20 billion KRW (approximately 200 million USD) (charges include obstruction of business, etc.).

Park, who was banned from leaving the country due to this case, attempted to illegally enter China by sea in December last year to evade investigation but was caught by the Mokpo Coast Guard and sentenced to 10 months in prison for violating the Maritime Smuggling Control Act. However, his sentence was reduced to 7 months on appeal, and he was released upon completion of his term on this day.

The Seoul Southern District Prosecutors' Office Joint Investigation Team on Virtual Assets filed an arrest warrant for Park on the 15th to secure custody upon his release.

In April, the prosecution indicted Han (40), the CEO of the issuing company who conspired with Park to issue Podocoin, on charges of fraud, breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, obstruction of business, and others, and detained him.