Storm Causes Setback for Alleged South Korean Crypto Price Manipulator’s Escape to China
Adverse weather conditions, including a storm, have reportedly hindered the escape attempt of a well-known suspected cryptocurrency price manipulator from South Korea to China.
According to Joongang Ilbo, the South Korean coast guards arrested the individual, identified as Park and nicknamed Jon Bur Kim, on December 20. Park, a 42-year-old crypto market maker, had been prohibited from leaving the country as part of an investigation into crypto price manipulation. Several former high-ranking executives from the Coinone crypto exchange are also involved in the case.
Despite filing a legal motion to reverse the travel ban, Park’s request was denied. Subsequently, it is believed that he attempted to flee the country via an illegal sea route to China.
However, the stormy weather disrupted Park’s plans, leading to his apprehension by the coast guards.
As the weather worsened, Park boarded a fishing boat at the port of Jindo. Concerned for the safety of the boat’s crew, the Coast Guard initiated tracking measures. When the fishing boat failed to respond to their calls, the Coast Guard dispatched a boat and escorted the vessel to a port in Mokpo.
During the operation, law enforcement officials arrested Park, the captain of the fishing boat, and another intermediary on charges of smuggling.
Stormy Seas Thwart Crypto Market Maker’s Escape Plan
Initially, Park denied attempting to flee the country, but ultimately confessed to his intentions, as reported by the newspaper.
Prosecutors suspect that Park may be an “accomplice” in a complex network of market manipulation at Coinone.
The appeal trial of the former Coinone executives began on December 14 at the High Court.
Various media outlets have linked Park and others to an altcoin related to “air pollution reduction”.
🇰🇷 South Korean Supreme Court Jails $153m Crypto Fraudster for 10 Years
South Korea’s Supreme Court has sentenced a crypto fraudster to 10 years in prison for amassing $153 million, upholding a previous ruling from February.#CryptoNews #newshttps://t.co/2395RstnmE
— Cryptonews.com (@cryptonews) December 20, 2023
An anonymous industry insider in the crypto sector stated:
“It is possible that Mr. Park was also involved in other cases of coin fraud committed by market manipulators. He may have attempted to flee abroad due to the Prosecution Service’s crackdown on market manipulators.”
Park, also known as the “Crypto King,” has a substantial following on social media platforms like Instagram.
He is renowned for his collection of luxury sports cars, regularly sharing photos of his impressive fleet, which includes a Ferrari and a Bugatti.