A Seoul court has acquitted Park, a 45-year-old cryptocurrency influencer known as “Coin King Jonber Kim,” on charges related to a $253 million digital asset fraud scheme. The verdict, delivered by the Seoul Southern District Court on October 15, marks the conclusion of one of the largest crypto fraud cases in South Korean history.
Prosecutors charge mastermind of Podo coin, ATube tokens
Prosecutors accused Park of coordinating large-scale fraud involving two crypto projects: Podo coin and ATube tokens. They alleged that Park manipulated digital asset prices and misled investors with false promises, ultimately collecting $253 million from a substantial group of victims. Authorities pursued a 20-year prison sentence and sought the confiscation of more than $14 million from Park’s assets.
Park, recognized locally for his luxury lifestyle and strong social media presence, had promoted his reputation as a successful digital asset trader. The scale of the alleged fraud placed the case in the spotlight amid a broader government crackdown on cryptocurrency-related crime.
South Korea has recently increased enforcement efforts targeting crypto misconduct. In August, the same district court sentenced Jeong Sang-ho, former CEO of the digital asset bank Delio, to a 15-year prison term after finding him guilty of embezzling $49.2 million in customer funds.
Mini dictionary: Delio is a South Korean digital asset finance company that operated as a crypto lending and custody service before being declared insolvent in November 2024.
Additionally, South Korea’s Financial Supervisory Service has begun using artificial intelligence-based monitoring tools to detect price manipulation on major cryptocurrency exchanges. This system reviews abnormal price fluctuations often linked to illicit trading activity.
| Case | Person | Accusation | Judgment | Sentence |
|---|---|---|---|---|
| Podo coin, ATube tokens | Park (“Jonber Kim”) | Fraud, price manipulation | Acquitted | None |
| Delio embezzlement | Jeong Sang-ho | Embezzlement | Guilty | 15 years in prison |
Court’s verdict: Lack of direct link to investor losses
In its ruling, the court determined that the prosecution’s evidence did not meet the threshold for conviction in Park’s case. Authorities failed to establish a clear connection between Park’s actions and the price changes or purchase decisions of investors in Podo coin and ATube.
Judges noted that although the tokens’ white papers contained deceptive claims, they could not be proven as the decisive factor in investor decisions. A white paper is a formal document used to outline the details and potential of a cryptocurrency project for prospective buyers.
During proceedings, the court closely examined how investors decided to buy the tokens. It concluded that many participants did not rely on official project documents and instead referenced sources such as YouTube channels, blogs, online communities, and introductions from acquaintances.
Even among victims whose statements were confirmed, some purchased based on blogs, YouTube, communities, or recommendations from acquaintances rather than the official documents, while others did not provide any clear reason for their decisions.
As a result, the Seoul Southern District Court acquitted Park of all financial crime charges connected to the Podo coin and ATube projects.
