South Korean prosecutors are deepening their investigation into the potential involvement of former President Yoon Suk-yeol and his wife, former First Lady Kim Keon-hee, in a crypto fraud case linked to Jon Bur Kim (whose real surname is Park), a prominent crypto market maker and luxury car collector.
Park has been indicted for crypto fraud, accused of manipulating the prices of two so-called “scam coins” by issuing fake news to inflate their value. However, the case took a new turn when prosecutors discovered possible ties between Park and Kim Keon-hee, the former first lady. Kim is already facing allegations of stock manipulation and influence peddling related to corruption charges.
South Korea Prosecutors consider arrest warrant for former president
The investigation has intensified, with officials now looking into whether Yoon Suk-yeol, who failed to declare martial law in December 2024 and was later impeached, is connected to the ongoing fraud case. Although Yoon has refused to respond to court summons requests, prosecutors are reportedly contemplating an arrest warrant for the former president due to his noncompliance.
Alongside this, the investigation has expanded to include associates of both Yoon and Kim, including former senior prosecutor Kim Sang-min. Prosecutors believe that Kim Sang-min may have been involved in receiving illicit money from Park, possibly to cover motor vehicle rental fees related to his political ambitions during last year’s legislative election.
Crypto fraud linked to scam coins and rug pull schemes
The fraud case involving Park, who is accused of embezzling 80.9 billion won ($58.1 million), has now gained even more attention as prosecutors explore his potential role in scam coin schemes. Park and a CEO surnamed Moon allegedly created and launched a token called Atube in 2021, which prosecutors suspect was a scam coin. Park is also accused of orchestrating a “rug pull” scam with another token, Podo Coin, in the same year.
As the investigation continues, prosecutors are aiming to gather more evidence to link Park’s fraudulent activities with the potential involvement of high-profile figures like Kim and Yoon, leading to heightened public scrutiny. The ongoing probe could have significant political implications for South Korea‘s top political figures and their associates.