South Korean prosecutors have launched an investigation into Kim Keon-hee, the former First Lady, examining her possible connections to a notorious cryptocurrency market maker accused of manipulating altcoin prices and committing large-scale financial fraud.
Authorities are investigating whether Kim, who has faced earlier allegations of corruption and influence peddling, is connected to ongoing cases involving a crypto market figure known as Jon Bur Kim (real name Park). Investigators suspect Park and his associates of orchestrating “scam coin” operations that manipulated the prices of lesser-known cryptocurrencies. Park, aged 44, was arrested in 2023 after attempting to flee to China by boat, following multiple fraud charges linked to the issuance of coins such as Atube and Podo, which reportedly generated illicit gains worth hundreds of billions of won.
A special counsel team investigating allegations involving former first lady Kim Keon Hee is set to summon her and former President Yoon Suk Yeol for questioning. https://t.co/wF8WuStt3p
— The Korea JoongAng Daily (@JoongAngDaily) July 21, 2025
Last week, the special prosecution unit handling Kim’s case formally requested investigation records from the office probing Park, signalling potential overlaps between the two cases. While prosecutors have not confirmed direct involvement, they have not ruled out Kim’s indirect participation or knowledge of these alleged financial crimes.
The investigation has expanded to include Kim’s close associate, Lee Jong-ho. On July 21, special prosecutor Min Joong-ki questioned Lee, a former investment firm chief, and raided his residence and vehicle. Lee is accused of receiving a $58,000 bribe from an automotive executive implicated in a stock manipulation scheme. Prosecutors suspect Lee may have accessed Kim’s bank accounts to channel the funds, and possibly pressured judicial officials to secure lenient sentencing for the executive.
As for Park, prosecutors believe he embezzled substantial amounts through the distribution and listing of scam tokens, using proceeds to acquire lavish assets, including luxury vehicles and local and overseas real estate, all of which have since been seized. The special prosecution team has declined to comment on the ongoing investigation.
Notably, Jang Hyun-guk, former Wemade CEO, was recently acquitted by the Seoul Southern District Court of manipulating WEMIX token circulation, ruling he didn’t intend to deceive investors or distort the market.
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