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Prosecutors seek 20-year term in $247M crypto case
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Prosecutors seek 20-year term in $247M crypto case

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  • South Korean prosecutors are seeking a 20-year prison term for Park, known as “Jonber Kim”.
  • The alleged fraud involved 340 billion won, worth about US$247 million.
  • Sentencing for Park and three other defendants is scheduled for October 15.

South Korean prosecutors are seeking a 20-year prison term for Park, known as “Jonber Kim”, over an alleged 340 billion won crypto fraud case.

The request was made during a closing hearing on August 21 at the Seoul Southern District Court, with Park accused of fraud involving PODO Coin (CRYPTO:POD) and ATube (CRYPTO:ATT).

Prosecutors also requested about 18.8 billion won, worth roughly US$13.7 million, in forfeiture from Park.

According to the report, prosecutors allege that Park and his associates used false promises, token price manipulation and misleading investment claims.

The alleged scheme also involved promoting PODO Coin and ATube through social media and online communities, according to the source.

The case remains unresolved, and Park is presumed innocent until the court reaches a final decision on the charges.

Sentencing for Park and the three other defendants is scheduled for October 15 at the Seoul Southern District Court.

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