22-2-2025 – A notorious South Korean cryptocurrency fraudster, known in trading circles as ‘John Ver Kim’, has been detained once again mere weeks after securing bail, as investigators unveiled fresh allegations of a massive digital currency scam.
The Seoul Southern District Court ordered the re-arrest of the suspect, identified only as Park, on Wednesday, with Judge Han Jung-seok citing substantial flight risk and potential evidence tampering concerns.
Investigators claim Park and his associate, surnamed Moon, masterminded an elaborate scheme involving a cryptocurrency called ‘AQUB Coin’ between March 2021 and April 2022. The pair allegedly duped investors through misleading market information and price manipulation tactics, amassing roughly 2.6 trillion won ($1.9 billion).
Moon, who served as the chief executive of the purported AQUB Coin development firm, has also been taken into custody on related charges.
The latest arrest comes amid Park’s ongoing legal battles. He was previously apprehended in August 2023 for orchestrating the ‘Podo Coin’ scheme, which prosecutors say fleeced approximately 18,000 investors of 809 billion won ($600 million). Park allegedly pocketed 216 billion won ($160million) from this earlier venture.
Despite being granted bail on 22 January this year, Park’s freedom proved short-lived. Prosecutors uncovered evidence of his involvement in the AQUB Coin fraud whilst investigating the Podo Coin case, leading to the fresh arrest warrant.
Park’s criminal saga includes a failed escape attempt last December, when authorities thwarted his bid to flee aboard a fishing vessel from Jindo, South Jeolla Province, despite being under a travel ban. This incident resulted in a prison sentence.
Once celebrated in South Korean cryptocurrency circles as the ‘Coin King’, Park earned the moniker ‘John Ver Kim’ – a reference to ‘HODL’ culture and the Korean crypto slang term “존버” for long-term investment holding. His case has emerged as one of South Korea’s most significant cryptocurrency fraud investigations to date.
