13 Supercars Found in Rural Warehouse... 'Jonbeokim' Who Made 80 Billion with Scam Coins Heads to Trial

Prosecutors Seize 13 Supercars

Park Mo (42), a virtual asset price manipulator accused of issuing 'scam coins' and embezzling a total of 80.9 billion KRW through price manipulation and other methods, has been indicted while in custody. Park is known in the virtual asset market as the so-called 'Jonbeokim'.

Seoul Southern District Prosecutors' Office (Photo by Yonhap News)

On the 1st, the Seoul Southern District Prosecutors' Office Joint Investigation Team for Virtual Asset Crimes (Head Park Geon-wook) announced that Park and accomplice A were indicted on charges of fraud and violation of the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust). Another accomplice, B, was previously indicted in custody on April 5.

According to the prosecution, from February 2021 to April 2022, Park and his group issued and listed 'Podocoin' with the intent to obtain sales proceeds without the intention or ability to conduct business related to virtual assets. They then distributed false promotional materials and artificially inflated the price through price manipulation, subsequently selling all 1 billion Podocoin units to embezzle 80.9 billion KRW.

Park directly managed exclusive price manipulation and leading chat teams, overseeing the entire criminal process. Investigations revealed that he monopolized the criminal proceeds.

Excluding the amount used to repurchase Podocoin during the price manipulation, the actual profit gained by Park’s group is estimated at approximately 21.6 billion KRW. They did not use the sales proceeds according to the business plan but consumed them arbitrarily, thereby obtaining financial benefits and causing property damage to the coin issuing company, resulting in charges of breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Notably, during the process of tracing criminal proceeds, the prosecution seized 13 hypercars and supercars, including a Bugatti Divo and Ferrari LaFerrari, hidden by Park in a rural warehouse. The total value of these vehicles amounts to 20.5 billion KRW. Additionally, deposit claims worth approximately 4.3 billion KRW from the overseas sale of supercars were also confiscated.

A representative of the Southern District Prosecutors' Office Virtual Asset Joint Investigation Team stated, "We will strictly punish criminal groups that disrupt the order of the virtual asset market and cause harm to many ordinary citizens, and we will pursue and recover criminal proceeds to establish the principle that 'crime does not pay'."