Prosecutors Seek Arrest of 'John B' for Coin Price Manipulation

IconCryptoNewsTerminal Staff16 Jul, 2024

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Prosecutors Seek Arrest of 'John B' for Coin Price Manipulation

Digital Asset Price Manipulation Suspect Faces Arrest Warrant The Seoul Southern District Prosecutors' Office's Joint Digital Asset Investigation Team has requested an arrest warrant for 'John B', also known as Park, who is accused of large-scale price manipulation in the digital asset industry. Park is charged with obstruction of business for allegedly bribing directors and listing team leaders at Coinone to issue the non-existent 'Podocoin'. By manipulating the coin's listing and price, he is suspected of illegally profiting around 20 billion won (approximately USD 15 million). The investigation team seeks to apprehend Park pre-emptively, emphasizing the risk of potential evidence destruction or flight. The prosecution's actions indicate a growing crackdown on alleged price manipulation practices in the digital asset sector.

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