Park Gyuri's PICA Coin Delisting Sparks Fraud Allegations in Seoul Court After Price Drop

Park Gyuri, a former K-pop star and former Chief Communications Officer of the PICA Project, is facing new cryptocurrency fraud allegations in a Seoul court as part of ongoing legal proceedings. The case centers on accusations of market manipulation and potential embezzlement tied to the PICA Coin project, which has been further destabilized by its recent delisting on Upbit, a major South Korean exchange. Park, who previously served as a public face of the initiative, has maintained her innocence, asserting that she neither profited from the cryptocurrency nor participated in illegal activities. In testimony, she stated, “Any deposits or withdrawals related to the coin were done at Mr. Song’s request and immediately returned or transferred” [1].

The allegations highlight the growing scrutiny of celebrity endorsements in the volatile crypto space. Park’s role as a public relations figure for PICA Coin underscores the risks associated with leveraging fame to promote financial projects. Prosecutors are examining whether her involvement contributed to misleading investors, particularly as the project’s delisting coincided with a significant price drop, exacerbating losses for stakeholders. Market analysts note that such cases could reinforce regulatory caution toward influencer-led crypto ventures, potentially reshaping how projects secure public trust [1].

Park’s defense strategy hinges on distinguishing her publicity role from operational decisions. She emphasized that her responsibilities were confined to artistic and communication efforts, not financial or technical aspects of the project. This narrative aligns with broader debates about the boundaries of celebrity influence in speculative markets. However, critics argue that high-profile endorsements inherently carry the risk of distorting investor perceptions, especially when projects lack transparent governance structures [1].

The PICA Coin case has broader implications for the crypto industry. Its delisting by Upbit not only reflects exchange policies tightening around compliance but also signals investor skepticism toward tokens with opaque operations. Legal outcomes in this trial may influence regulatory frameworks governing celebrity involvement in blockchain projects, particularly in jurisdictions like South Korea, where celebrity endorsements remain a common marketing tactic. The court’s findings could set a precedent for holding public figures accountable for potential market manipulation, even if their direct involvement in financial decisions remains contested [1].

Sources: [1] [title: Park Gyuri Faces New Crypto Fraud Allegations in Court] [url: https://coinmarketcap.com/community/articles/6881971e67762e3f827922fc/]