Coin King 'Jonbeokim' Released on Bail with Jewelry... Re-Arrested for Another Coin Fraud

Arrest Warrant Issued for Accomplice Moon
2.6 Billion Dollars Embezzled Through Coin Fraud

Park Mo, known as the so-called 'Jonbeokim,' who was released on bail after being tried for embezzling investment funds through a scam coin, has been re-arrested on charges of another coin fraud.

On the 21st, the Seoul Southern District Prosecutors' Office Joint Investigation Team for Virtual Asset Crimes (Head Park Geon-wook) announced that they recently requested arrest warrants for Park and his accomplice Moon Mo on charges including fraud. Han Jeong-seok, the judge in charge of warrants at the Seoul Southern District Court, held a pre-arrest detention hearing for Park and Moon the day before and issued the arrest warrants, citing "concerns over evidence destruction and flight risk."

They are accused of issuing and listing the scam coin 'Atoob' from March 2021 to April 2022, then manipulating its price to embezzle over 260 billion won from investors. The actual criminal proceeds from their activities were investigated to be about 68 billion won.

Previously, Park was arrested and indicted last August on charges of issuing and listing the scam coin 'Podo' from February 2021 to April 2022, artificially inflating its price, and then selling all of it to embezzle 80.9 billion won, but he was released on bail on the 22nd of last month.

This content was produced with the assistance of AI translation services.