Prosecutors are investigating a possible link between the former South Korean First Lady Kim Keon-hee and a crypto market maker suspected of manipulating the prices of low-cap altcoins.
The South Korean media outlet OhMyNews claimed it had seen evidence that the special prosecution team charged with investigating the former First Lady sent an official request to colleagues investigating a notorious crypto market maker nicknamed Jon Bur Kim (real surname: Park).
Prosecutors suspect Park (44) of fraud and “scam coin” operations. Legal probes into Park and several of his suspected associates are ongoing.
Former South Korean First Lady: Crypto Wrap Incoming?
OhMyNews says that the special prosecutors last week “requested a loan of the investigation records” in the Park case. The media outlet wrote:
“If the special prosecution team requested the investigation records related to Park, it cannot be ruled out that Kim Kun-hee or someone close to her was involved in the scam coin case, or Park’s alleged crimes, investigation, or trial.”
Kim is accused of corruption and peddling influence during her time as the South Korean First Lady, during the presidency of Yoon Seok-yeol.
Yoon was removed from office earlier this year after a failed attempt to declare martial law in December 2024.
Special prosecutor Min Joong-ki, the lead prosecutor in the Kim probe, also summoned Lee Jong-ho, a close associate of Kim’s, for questioning on July 21.
Prosecution Raid
Lee is the former chief of the investment firm Blackpearl Invest. At the end of last week, prosecutors conducted a raid on his home and car.
Prosecutors think Lee took a $58,000 bribe from an auto business executive who was accused of manipulating stock prices.
They believe Lee may have asked Kim to pressure members of the judiciary to ensure the executive was given a suspended sentence.
Prosecutors think Lee had access to the former First Lady’s bank accounts, and used these to process the funds connected to the case.
Park, meanwhile, was arrested and indicted along with a software development firm CEO surnamed Moon.
Prosecutors think the duo embezzled hundreds of billions of won by issuing and listing a suspected scam coin named Atube in 2021.
Scam Coin Probes
Park is also suspected of operating another alleged scam coin named Podo. Investigators think he embezzled 80 billion won “using the same method” earlier in 2021.
On December 18, 2023, Park attempted to flee the country on a boat to China. However, his efforts were thwarted by a storm.
The Coast Guard, fearing for the boat and its crew’s safety, intervened. Officers forced the boat to dock shortly after it departed, later finding Park illegally stowed on board.
Park was active on social media prior to his arrest, where he openly flaunted his wealth and his large collection of imported supercars.
Prosecutors have since seized his vehicles, as well as thousands of dollars’ worth of crypto.
Park also has assets worth at least several hundred billion won, including domestic and overseas real estate holdings.
OhMyNews reporters said the Special Prosecution Team did not respond to their requests for comment.
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