South Korean authorities arrested a suspected crypto market manipulator as he attempted to flee the country illegally by boat, highlighting ongoing concerns about fraud and price fixing in virtual currency markets.
Suspect Tried to Escape to China
Park, also known as Jon Bur Kim, was detained by the South Korean Coast Guard in South Jeolla Province on December 20. The 42-year-old is suspected of manipulating crypto prices and acting as a market maker.
Park had been barred from leaving South Korea due to an ongoing investigation into crypto price manipulation linked to executives at Coinone exchange. However, he tried to escape to China by sea but was stopped by bad weather and Coast Guard intervention.
A storm disrupted his attempt after he boarded a fishing boat in the port of Jindo. The Coast Guard, concerned for the crew’s safety, tracked the boat and intervened when it didn’t respond to calls.
Park and two others were arrested and charged with smuggling. Prosecutors believe Park is an accomplice in the alleged market manipulation at Coinone.
Suspect Has Connections to Multiple Crypto Fraud Cases
Park, nicknamed the “Crypto King,” has a significant social media following and is known for owning luxury sports cars like Ferrari and Bugatti. There is speculation that he may have been involved in other coin fraud cases in addition to the current charges linked to Coinone. Read more.
The High Court appeal trial for former Coinone executives started on December 14. Authorities continue to investigate potential links between Park and the exchange executives.
Park is also connected to controversies involving an “air pollution reduction”-related altcoin.
— Cryptonews 🚀 (@cryptonews) December 19, 2021