Jon Bur Kim Arrested Again on New Charges Related to Alleged “Scam Coin” Activities

This development follows his earlier release on bail amid accusations of orchestrating a $60 million cryptocurrency scam involving a token called Podo Coin.

Korean prosecutors have arrested Jon Bur Kim, whose real surname is Park, on fresh charges.

The newly established Joint Investigation Unit for Virtual Asset Crimes, part of the Seoul Southern District Prosecutors’ Office, has formally charged Park with additional offences.

This development comes after Kim was released on bail amid accusations of orchestrating a $60 million cryptocurrency scam.

The investigators said that Park played a pivotal role in the issuance and listing of Artube (ATT), a fraudulent token that defrauded investors of approximately 260 billion won ($179.6 million).

ATT was previously listed on major exchanges, including South Korea’s Coinone. The token has seen a dramatic decline in both trading volume and market value.

After an initial surge in prices following its listing, ATT came under scrutiny and was designated as a “coin of concern” by Coinone.

The exchange ceased trading support for ATT in early March 2022 due to various red flags, including a lack of transparency regarding business plans and community activities.

Prosecutors have also arrested an individual identified only by the surname Moon, who is the CEO of the Artube operating company.

Both Park and Moon are accused of generating illicit profits through deceptive public disclosures and price manipulation following ATT’s listing.

Earlier, Park was accused of manipulating prices of Podo Coin as well.

After being released on bail on January 22 this year, both he and Moon were ordered to remain in custody by the Seoul Southern District Court, which cited the seriousness of the charges and the risk of evidence tampering or flight.

The Joint Investigation Unit has already seized significant assets from Park, including a collection of luxury cars.

Law enforcement agencies have been investigating Park for several years.

In December, the South Korean Coast Guard intercepted Kim as he attempted to flee to China via a fishing vessel.

Authorities arrested Park, the boat’s captain, and an accomplice on smuggling charges after forcing the vessel to dock in Mokpo.