Prosecution: “John Kim and Grapecoin CEO Embezzled 84.2 Billion Won Through Market Manipulation”

Prosecution: “John Kim and Grapecoin CEO Embezzled 84.2 Billion Won Through Market Manipulation”

**Prosecution: “John Kim and Grapecoin CEO Embezzled 84.2 Billion Won Through Market Manipulation”** According to Digital Asset, the prosecution stated that “‘John Kim’ Park and Han, the CEO of POD (Grapecoin) operator Enterblock (indicted for detention), conspired to embezzle 84.2 billion won from users through market manipulation.” The prosecution explained this during the first trial of the ‘POD fraud case’ held on April 25 at the 14th Criminal Division of the Seoul Southern District Court (Chief Judge Jang Seong-hoon). Regarding the fraud charges, the prosecution said, “In December 2020, Park issued a scam coin and listed it on Coinone. He then decided to make a profit from the price difference by disposing of it on the exchange through a market manipulation team he operated, and offered the defendant (Han) the role of coin issuer representative and developer.” It continued, “Park led the issuance, listing, and disposal, and on February 9, 2021, when POD was listed on Coinone, he distributed the content that POD would rise through the reading room.” “We manipulated the price by self-trading through the market manipulation team to raise the price of POD, and by deceiving and enticing users, we sold a large amount of POD to about 17,000 people 230,000 times from February 9 to August 9, 2021. The two conspired to embezzle a total of 84.2 billion won,” he explained. The next trial is scheduled for 2 pm on May 9. **Previously on [date], [one liner summary of previous news].**