Seoul court acquits ‘Coin King Jonbur Kim’ of $253 million crypto fraud

A South Korean court has acquitted Park, known online as “Coin King Jonbur Kim,” of all charges related to a cryptocurrency fraud scheme involving 340 billion won, or approximately $253 million. Park, a high-profile cryptocurrency influencer in South Korea, was initially apprehended by authorities in December 2023 after attempting to leave the country on a fishing boat to avoid a financial investigation. He served several months in prison following the smuggling incident before facing further charges in February 2025. Prosecutors accused Park of orchestrating large-scale market manipulation through digital tokens including Podo Coin and Artube. They alleged that he bribed executives at crypto exchanges, published misleading project updates, and artificially inflated token prices before selling them to individual investors.

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