In December 2023, South Korean authorities captured Park, a cryptocurrency influencer known online as “Coin King Jonbur Kim”, as he attempted to flee the country on a fishing boat to avoid a financial investigation.
After serving several months in prison for that smuggling attempt, authorities rearrested Park in February 2025. Prosecutors accused him of orchestrating a massive market manipulation scheme using digital tokens like Podo Coin and Artube, eventually demanding a 20-year prison sentence. The government claimed Park bribed exchange executives, published fake project updates, and artificially inflated token prices before selling his holdings to unsuspecting retail buyers.
However, this multi-year legal pursuit collapsed entirely on October 15, 2026, when the Seoul Southern District Court officially found Park not guilty of all fraud charges tied to the 340 billion won, or $253 million, cryptocurrency scam.
Prosecutors asked for 20 years. The court said: not guilty.
A South Korean court acquitted the crypto figure known as “Coin King Jonbur Kim” in a fraud case tied to about 340 billion won (~$253M), linked to Podo Coin and Artube. The court said the prosecution fell short on proof. This is only the first-instance ruling.
My take: “fraud” on Crypto Twitter and “fraud proven in court” are two very different bars. Courts need evidence, not vibes. That’s why due diligence has to happen before you buy, not after.
Same evidence bar as any fraud case, or does crypto need its own rules?
Not financial advice.
— Sun WU Kong (@wysndbb) October 15, 2026
The judges ruled that the state prosecutors failed to provide sufficient, concrete evidence proving that Park directly managed the fraudulent token issuance, exchange listings, or organized price manipulation.
READ ALSO: South Korea Blocks 27 Offshore Crypto Exchanges
The “Coin King” case failed in court
Prosecutors could not explicitly link Park’s personal devices or accounts to the back office market manipulation software, the criminal charges could not hold up in court.
Social media observer @RackhamRishel pointed out this extreme outcome, noting that such a dramatic move makes the public want to read the exact court documents to see exactly where the prosecution failed.
@TheBlockCo Big swing from a $253 million scam case to not guilty. I’d want to read exactly what the court said the prosecution got wrong
— Rackham Rishel (@RackhamRishel) October 15, 2026
Proving that a specific influencer actually pushed the buttons to manipulate a market requires hard digital forensics, not just evidence of them promoting the asset on social media. Market commentator @LFGCAPO emphasized this legal distinction, stating that the acquittal was strictly about a lack of direct proof, rather than an official court endorsement of the tokens.
@TheBlockCo The reported acquittal turns on proof, not an endorsement of the tokens. The judgment’s reasoning on evidence connecting issuance/listing, disclosures and price manipulation could matter for future Korean cases.
— LFGCAPO (@LFGCAPO) October 15, 2026
The user added that the court’s reasoning on the specific evidence needed to link an individual to token issuance and false disclosures will likely set a strict new standard for future crypto fraud trials in South Korea.
Investors may never recover their money
While Park avoids a prison sentence for financial fraud, the ruling does not provide relief for the retail investors who lost their money.
Online user @LoidOx summarized this reality for the victims, noting that while Park was found not guilty of orchestrating the fraud, the judges never declared the actual cryptocurrency projects legitimate.
@TheBlockCo Not guilty on fraud but the court still couldn’t call the coins legit. That’s a rough look for Podo and Artube.
— LOID (@loid0x) October 15, 2026
The user correctly pointed out that this verdict is a terrible look for both Podo Coin and Artube, as the tokens remain practically worthless.
Although authorities previously seized several of Park’s luxury vehicles, including a $4.3 million Ferrari, his official acquittal on the fraud charges makes it highly unlikely the government can use his personal assets to compensate victims who bought Podo Coin and Artube at inflated prices.
Meanwhile, South Korean President Lee Jae Myung has confirmed a coordinated cyberattack targeting the country’s financial sector. He has ordered government agencies to send personnel and resources immediately to contain the damage.
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