Seoul Court Acquits Influencer Jonber Kim in $253M Case

Crypto Influencer Jonber Kim Acquitted of $253M Fraud

South Korean crypto influencer Park, widely known online as Coin King Jonber Kim, has been acquitted of all financial crime charges. A Seoul court cleared the 45-year-old on October 15 in one of the country's largest digital asset fraud cases.

Park built a huge social media following by showing off his lavish lifestyle. He routinely posted pictures with luxury sports cars while claiming that his fortune came directly from trading digital assets.

However, law enforcement accused him of leading a massive token manipulation scheme that drained millions from retail investors.

The Allegations Behind the $253 Million Scheme

According to prosecutors, Park was the main orchestrator behind two specific digital tokens named Podo coin and ATube.

The prosecution claimed that Park used fake business plans and false promises to artificially inflate coin values. This pump-and-dump strategy allegedly allowed Park to siphon $253 million directly from the market.

Due to the size of the alleged scheme, prosecutors demanded heavy punishments during the trial:

• A 20-year prison sentence for Park
• The court seizure of more than $14 million from his personal estate

Why the Seoul Court Issued a Not-Guilty Verdict

Despite the serious accusations, the Seoul Southern District Court ruled that prosecutors failed to provide enough clear evidence to prove guilt.

Judges stated that prosecutors could not establish a direct cause-and-effect relationship between Park's deceptive actions and the price changes of the coins. While white paper documents did contain misleading proposals, the court noted that those papers alone did not directly force investors to buy.

Even among the victims whose statements were confirmed, there are cases where they purchased based on blogs, Youtube, communities, or acquaintances' introductions rather than white papers or the defendants' materials, or where the purchasing circumstances were not revealed.

Because buyers bought the tokens for various reasons—such as social media recommendations or advice from friends—the court ruled that prosecutors could not legally link Park's white papers directly to the investors' financial losses.

South Korea Steps Up Crackdown on Crypto Misconduct

Although Jonber Kim was acquitted, South Korean authorities are continuing to expand regulatory oversight across the market to protect consumers.

Strict Sentences in Other Fraud Cases

In August, the same Seoul court handed a 15-year prison sentence to Jeong Sang-ho, the former CEO of crypto lending platform Delio. Jeong was convicted of embezzling $49.2 million in customer funds after his firm became insolvent in late 2024.

AI Tools to Detect Market Manipulation

South Korea's Financial Supervisory Service (FSS) is implementing artificial intelligence surveillance systems. These AI tools monitor domestic crypto exchanges in real time to spot unusual price swings typical of pump-and-dump operations.

Expanded Powers to Seize Virtual Assets

South Korea's Supreme Court has drafted a legal amendment establishing explicit rules to freeze, seize, and liquidate digital tokens. Scheduled for an October rollout, this framework aims to streamline victim restitution claims during financial crime investigations.