South Korea Prosecutors Probe Yoon Suk-yeol and Wife Over Crypto Fraud Ties

South Korean prosecutors are intensifying investigations into Yoon Suk-yeol and his wife, former First Lady Kim Keon-hee, following a series of corruption-related allegations. Central to the inquiry is Jon Bur Kim (real surname Park), a crypto market maker indicted for orchestrating a fraud involving two alleged "scam coins." Prosecutors allege that Park fabricated news to manipulate the price of these tokens and executed a rug pull on the Podo Coin in 2021 [1].

Recent developments reveal potential links between Park’s activities and the First Lady. Prosecutors have indicated that the former First Lady may have used her influence in relation to the crypto case. Additionally, they suspect that Park provided funds for vehicle rental expenses to Kim Sang-min, a former senior prosecutor who sought the People Power Party nomination for the Changwon Uichang district seat in 2024. Prosecutors believe Kim Sang-min received these funds from the same crypto fraud case [1].

The investigation has also expanded to Yoon, who faces multiple corruption-related charges. Following his failed attempt to declare martial law in December 2023, Yoon was impeached and has since refused to comply with court summons. Prosecutors are now considering requesting an arrest warrant for him, according to reports from Yonhap [1]. The special prosecution team has already taken steps in this direction, as noted in a statement from the team [2].

Furthermore, the special prosecution team reviewed case files related to Park's alleged fraudulent activities in early July, suggesting a broader probe into the crypto fraud case. Park, who is accused of embezzling 80.9 billion won (approximately $58.1 million) from investors, has been summoned for questioning. Prosecutors suspect that Park and another individual, a CEO surnamed Moon, collaborated to issue and manipulate the Atube token in 2021 [1].

The developments reflect a growing focus on cryptocurrency-related crimes in South Korea, where regulatory scrutiny has increased in recent years. The case involving Park and the associated political figures highlights the intersection of financial crime and political influence [1].

Prosecutors continue to gather evidence against Yoon and Kim Keon-hee, with an arrest warrant for the now a distinct possibility. The investigation also underscores the potential entanglement between crypto fraud and political activities, raising further questions about accountability and transparency in South Korea’s political and financial systems [1].

Source:

[1] https://cryptonews.com/news/prosecutors-investigating-ex-south-korean-president-yoon-quiz-crypto-fraudster/

[2] https://twitter.com/JoongAngDaily/status/155****345678901234