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December 27, 2023

Crypto King's High-Stakes Escape Foiled by Storm and South Korean Coast Guards

According to the latest from Joongang Ilbo the coastal guardians of South Jeolla Province pounced on the elusive suspect

In a dramatic turn of events, the South Korean coast guards, battling rough sea weather, successfully thwarted the audacious attempt of a high-profile crypto market maker, known as the "Crypto King," to escape to China. The suspect, surnamed Park and nicknamed Jon Bur Kim, faced arrest on December 20 in South Jeolla Province after being banned from leaving the country amid a crypto price manipulation investigation.

Park, aged 42, a central figure in the Coinone crypto exchange scandal, sought to challenge the travel ban through legal channels but found his plea rejected. Undeterred, he attempted a daring escape via an illegal sea route to China. However, Mother Nature intervened, as stormy conditions disrupted his plans after boarding a fishing boat in the port of Jindo.

The South Korean Coast Guard, initially tracking the vessel due to safety concerns, decided to intervene when the boat failed to respond to their calls. Dispatching a boat to intercept, officers escorted the fishing vessel to the port in Mokpo, leading to the arrest of Park, the boat's captain, and an intermediary on smuggling charges.

Despite initially denying any intent to flee, Park later confessed to attempting to leave the country, according to reports. Prosecutors suspect his involvement as an "accomplice" in a complex market manipulation scheme at Coinone. This revelation aligns with the ongoing High Court appeal trial of former Coinone executives that commenced on December 14.

The unfolding saga implicates Park and others in an altcoin linked to "air pollution reduction," as suggested by an unnamed crypto industry insider. This source hinted at the possibility of Park's connection to other coin fraud cases, speculating that his attempted escape was prompted by the heightened scrutiny from the Prosecution Service on market manipulators.

Known as the "Crypto King," Park boasts a significant social media following on platforms like Instagram, showcasing not only his involvement in the crypto world but also his passion for luxury sports cars. Regularly posting images of his collection, which includes a Ferrari and a Bugatti, Park's arrest marks a dramatic chapter in the ongoing crackdown on illicit activities within the crypto space.

In the stormy seas and legal turmoil, the Crypto King's attempted escape serves as a gripping episode in the unfolding narrative of crypto scandals, leaving the industry and its followers eagerly anticipating the next twist in this high-stakes saga.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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