SEOUL, South Korea (11th March 2025) – South Korean prosecutors have arrested Jon Bur Kim, whose real surname is Park, on new charges connected to alleged “scam coin” activities. This follows his earlier release on bail in relation to accusations of orchestrating a $60 million cryptocurrency scam involving a token named Podo Coin.
The newly formed Joint Investigation Unit for Virtual Asset Crimes, a part of the Seoul Southern District Prosecutors’ Office, has formally charged Park with additional offenses. Prosecutors allege that Park played a significant role in the issuance and listing of a fraudulent cryptocurrency token called Artube (ATT), which is believed to have defrauded investors of approximately 260 billion won (roughly $179.6 million).
ATT was listed on major exchanges, including South Korea’s Coinone, but its trading volume and market value plummeted after an initial surge. In February 2022, Coinone designated ATT as a “coin of concern,” citing issues such as a lack of transparency regarding its business plans and community activities. As a result, Coinone ceased support for the token in early March 2022.
In another development, prosecutors have 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 disclosures and price manipulation after ATT’s listing.
Earlier, Park was also accused of manipulating Podo Coin prices. After his release on bail on January 22, 2025, both he and Moon were ordered to remain in custody by the Seoul Southern District Court, citing the gravity 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 him for several years. In December 2023, the South Korean Coast Guard intercepted Park while attempting 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.
