PodoCoin 'Jonbeokim,' Accused of Embezzling Around 80 Billion Won, Fully Denies Charges in Trial

'Jonbeokim,' a virtual asset price manipulator accused of issuing scam coins and embezzling a total of 80.9 billion KRW through price manipulation schemes, has completely denied the charges in court.

At the second trial held on the 15th at the Seoul Southern District Court Criminal Division 13 (Presiding Judge Kim Sang-yeon), Park (42), who was indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust), and a man in his 30s who assisted him both denied the charges.

Park and his accomplices are accused of issuing and listing Podocoin between February 2021 and April 2022 with the intent to obtain sales proceeds without the intention or ability to conduct business related to virtual assets. They allegedly distributed false promotional materials and artificially inflated the price through price manipulation schemes, then sold all 1 billion Podocoin units to embezzle 80.9 billion KRW. Prosecutors' investigation revealed that Park directly managed exclusive price manipulation and leading chat teams, overseeing the entire criminal process and monopolizing the criminal proceeds.

After being banned from leaving the country in December last year, Park attempted to flee to China illegally but was caught by the coast guard. He was sentenced to 10 months in prison in the first trial for violating the Act on the Control of Illegal Immigration. The sentence was reduced to 7 months on appeal, and he was released in July. However, the prosecution immediately requested an arrest warrant and re-arrested him.