The Failed Escape of a Suspected Crypto Price Fixer in South Korea

The Failed Escape of a Suspected Crypto Price Fixer in South Korea

South Korean coast guards recently made headlines by intercepting a high-profile suspected crypto price fixer in a failed attempt to flee the country for China. The man, known as Park and nicknamed Jon Bur Kim, is a 42-year-old crypto market maker who had been under investigation for price manipulation. Despite being banned from leaving the country, Park decided to take matters into his own hands and escape using an illegal sea route.

Park’s escape plan was quickly foiled by rough sea weather, which ultimately disrupted his efforts to flee. After boarding a fishing boat in the port of Jindo, the storm worsened, and the South Jeolla Province Coast Guard began tracking the vessel out of concern for the crew’s safety. When the boat ignored their calls, the Coast Guard dispatched another boat to intervene. Eventually, the fishing boat was escorted to a port in Mokpo.

Upon arrival at the port, Park was arrested by law enforcement officers, along with the boat’s captain and another intermediary, on smuggling charges. Initially, Park denied attempting to flee the country, but later confessed to his intentions. Prosecutors suspect that he may be an “accomplice” in a complex web of market manipulation at Coinone, involving former high-ranking executives from the crypto exchange.

The High Court recently began the appeal trial of the former Coinone executives on December 14. Park and others have been linked to an altcoin related to “air pollution reduction.” Speculation suggests that Park’s attempt to flee abroad was driven by fear of the ongoing crackdown on market manipulators by the Prosecution Service. Insiders from the crypto industry suspect that Park may have been involved in other coin fraud cases as well.

Park, also known as the “Crypto King,” has gained notoriety within the industry and has a substantial following on social media platforms like Instagram. In addition to his involvement in the cryptocurrency market, Park is an avid collector of luxury sports cars. He regularly shares photos of his collection, which includes a Ferrari and a Bugatti.

The failed escape of the suspected crypto price fixer highlights the ongoing efforts of authorities to crack down on market manipulation in the cryptocurrency industry. Despite his attempts to flee the country, Park was swiftly apprehended due to the vigilant actions of the South Korean coast guards. As the trial of former Coinone executives continues, it remains to be seen how this case will impact the industry and future regulatory measures.

Blockchain

Articles You May Like

Exploring the Partnership Between Wormhole and Advanced Micro Devices (AMD)
The Success of Coinbase International Exchange
South Africa’s Ambitious Plan to Integrate Digital Payments and Crypto into its Financial Fabric
The Impact of OTC Bitcoin Transactions on Price Action

Leave a Reply

Your email address will not be published. Required fields are marked *