Key Points
- Seoul Southern District Court cleared Park, age 45, who goes by the alias “Coin King Jonber Kim,” in a ruling issued October 15.
- Authorities alleged he orchestrated a $253 million fraud connected to Podo coin and ATube digital tokens.
- The prosecution requested a two-decade prison term along with forfeiture of assets exceeding $14 million.
- Judges determined no direct causation was established between Park’s conduct and fluctuations in token values or investor buying decisions.
- While the court acknowledged misleading project white papers, evidence showed most investors based purchases on social media, blogs, and personal referrals.
A South Korean court has cleared a prominent cryptocurrency influencer of fraud charges in a case involving $253 million in alleged investor losses.
Park, a 45-year-old widely recognized by his online persona “Coin King Jonber Kim,” received a not guilty verdict from the Seoul Southern District Court on October 15.
State prosecutors had demanded a 20-year imprisonment term for Park. Additionally, they sought confiscation of over $14 million in assets from him.
The Prosecution’s Case
State attorneys alleged that Park orchestrated fraudulent schemes involving two cryptocurrency projects. These digital assets were identified as Podo coin and ATube tokens.
Prosecutors contended he deceived investors through misleading representations in both ventures. They further claimed he engaged in deliberate manipulation of token valuations.
The prosecution asserted that Park’s alleged schemes defrauded investors of approximately $253 million. This prosecution represented one of South Korea’s most significant cryptocurrency fraud proceedings.
Park maintained a significant social media presence. He frequently displayed expensive automobiles and claimed his wealth originated from cryptocurrency investments.
The verdict arrives during a period of intensified enforcement against digital asset fraud in South Korea. This past August, the identical court handed down a 15-year sentence to Jeong Sang-ho.
Jeong previously served as chief executive of Delio, a cryptocurrency custodian that entered insolvency proceedings in November 2024. The tribunal concluded he misappropriated $49.2 million in client funds.
South Korea’s Financial Supervisory Service has deployed artificial intelligence technology to identify suspicious trading patterns on major domestic cryptocurrency platforms. The monitoring system reportedly detects abnormal price movements characteristic of market manipulation operations.
The Court’s Rationale
The tribunal concluded that the prosecution’s evidence fell short of meeting the conviction threshold. Judges ruled that state attorneys failed to establish direct causation between Park’s alleged misconduct and subsequent movements in token valuations.
The court acknowledged that fraudulent statements appeared in the tokens’ white papers. These documents serve to outline cryptocurrency projects for prospective investors.
Nevertheless, the court determined insufficient proof existed that these documents directly motivated token purchases. The tribunal examined how alleged victims arrived at their investment decisions.
Judges found that numerous purchasers never consulted the white papers whatsoever. Others provided vague or incomplete explanations for their buying choices.
“Even among the victims whose statements were confirmed, there are cases where they purchased based on blogs, Youtube, communities, or acquaintances’ introductions rather than white papers or the defendants’ materials, or where the purchasing circumstances were not revealed,” the court said.
Relying on these conclusions, the court dismissed all financial crime accusations related to the Podo coin and ATube projects against Park.
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