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Source: Robert Kneschke/Adobe
South Korean coast guards, with the assistance of rough sea weather, successfully foiled the attempt of a high-profile suspected crypto price manipulator to flee to China. The suspect, referred to as Jon Bur Kim, was arrested on December 20 in South Jeolla Province.
The individual, identified as Park, is a 42-year-old crypto market maker who had already been prohibited from leaving South Korea due to an ongoing investigation into crypto price manipulation. This case also involves former high-ranking executives from the Coinone crypto exchange.
Despite attempting to challenge the travel ban through legal means, Park’s attempt to escape the country using an illegal sea route was brought to a halt by a severe storm. The coast guard intercepted the fishing boat Park was on, eventually leading to his arrest along with the boat’s captain and another intermediary on smuggling charges.
Park initially denied attempting to flee the country but later confessed to doing so. Prosecutors suspect his involvement in a complex web of market manipulation at Coinone and even suggested his complicity in the manipulation. This suspicion comes as the High Court appeal trial of former Coinone executives began on December 14.
Park has also been linked to an “air pollution reduction”-related altcoin, which has gained media attention in South Korea. Speculation has arisen that he may have been involved in other coin fraud cases related to market manipulation and felt threatened by the crackdown on market manipulators by the Prosecution Service, leading to his attempted escape.
Moreover, Park, also known as the “Crypto King,” has a significant social media following on platforms like Instagram, where he flaunts his collection of luxury sports cars, including a Ferrari and a Bugatti.
