Coin king who had just finished serving his sentence is arrested again on suspicion of massive cryptocurrency market manipulation in South Korea

A man who had just finished serving his sentence for manipulating the cryptocurrency market has been arrested again. On the afternoon of the 17th, the Seoul Southern District Court indicted Park (4) on charges of fraud and obstruction of business.
3) was questioned before arrest (substantive warrant review). As a result, an arrest warrant was issued due to the possibility of flight. According to the South Korean Prosecutor's Office, the suspect, who is known in the industry as "Jong Bakim" and "King of Coins,"
Park, as he is known, is suspected of bribing officials at the virtual currency exchange CoinOne and issuing the non-existent "Podcoin."
The amount of money that Park defrauded by issuing scam coins (fraudulent virtual currencies) over a period of one year and two months from February 2021 to April 2022 is
The total amount of the stowaway's assets reaches 83.9 billion won (approximately 9.5 billion yen). Park, who was banned from leaving due to this incident, attempted to stow away to China in December last year to escape investigation. However, he was caught by the Mokpo Maritime Police and was arrested.
He was sentenced to 10 months in prison for allegedly violating the anti-corruption law. The sentence was reduced to seven months on appeal, and he had served his sentence, but was released on the day of the incident and had just completed his sentence.
The Seoul Southern District Prosecutors' Office joint investigation team is planning to issue an arrest warrant for Park on the 15th so that they can secure his custody upon his release.
A prosecutor said, "We will severely punish the criminal elements who have disrupted the trading order in the virtual currency market and caused many victims, and will take measures to protect illegal users of virtual currencies in accordance with the Virtual Currency User Protection Act, which will come into effect on the 19th.
"We will also take firm action against fair trade practices," he said. Earlier, the prosecution indicted Han (40), the CEO of the company that conspired with Park to issue Podcoin in April last year, on charges of fraud and special investigation.
He was arrested and indicted on suspicion of breach of trust and obstruction of business under separate economic laws.